One trader said rising prices meant he could not plan for a week from now onwards to the next.
The cost of living is more than 10% higher than the cost of living a year ago, with the price of food and petrol going up.
The price of fuel keeps going up so suppliers keep up the prices, so what we find happening is that one week we'll be charged higher prices and the next week we'll be charged higher prices. He said he was starting to notice fewer people in the market as customers cut back on spending, which is worrying. Howe said traders like him were being left to their own devices and aren't getting any support from anywhere. Small businesses incurred huge debts in the Pandemic and now the cost of living crisis is adding to that pressure.
We are calling on the government to act now to help alleviate the huge cost pressures firms are facing right now. Mr Kandola said businesses were under pressure to raise prices due to higher costs and that they needed financial support for people working in energy-intensive industries.
Nadhim Zahawi, the Chancellor of the Exchequer, said the government would leave no stone unturned ahead of the incoming prime minister on September 5th.
He said that as the new prime minister comes in, we will be ready for more support, whether they are small businesses or families who are really struggling.