{"id":19048,"date":"2024-05-31T13:13:34","date_gmt":"2024-05-31T12:13:34","guid":{"rendered":"https:\/\/satellite.mmu.ac.uk\/northernquota-old\/?p=19048"},"modified":"2024-05-31T13:13:35","modified_gmt":"2024-05-31T12:13:35","slug":"ancoats-residents-contend-with-the-looming-cost-of-living-crisis","status":"publish","type":"post","link":"https:\/\/satellite.mmu.ac.uk\/northernquota-old\/ancoats-residents-contend-with-the-looming-cost-of-living-crisis\/","title":{"rendered":"Ancoats Residents Contend With The Looming Cost-of-living crisis."},"content":{"rendered":"\n<ul class=\"wp-block-list\">\n<li>Rising cost of living puts a strain on households&nbsp;and businesses<\/li>\n\n\n\n<li>High inflation affects the affordability of products and services for consumers<\/li>\n\n\n\n<li>Conscious efforts put in remain in business<\/li>\n<\/ul>\n\n\n\n<p>Despite Ancoats significant economic activity, businesses and individuals are struggling with financial difficulties due to the high cost of living.<\/p>\n\n\n\n<p>The necessary living expenses such as rental rates, groceries and utilities has become a hand full to meet up with, stretching residents budgets thin.<\/p>\n\n\n\n<p>The <a href=\"https:\/\/www.ons.gov.uk\/economy\/inflationandpriceindices\/bulletins\/onshouseholdexpendituredatainsightsintotheeffectsofcostsoflivingpressures\/4december2023\">cost of living<\/a> rose significantly across the&nbsp;UK&nbsp;between 2021 and 2022. In October 2022, the annual rate of inflation hit a 41-year peak of 11.1% before beginning to decline. According to recent data, in March 2024, the average yearly increase in inflation was 3.2%. High inflation affects the affordability of products and services for consumers<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Strain On Businesses And Households<\/h2>\n\n\n\n<p>Although Ancoats has experienced economic expansion, with new developments and businesses opening up, residents are fighting an uphill struggle as the&nbsp;rising cost of living puts a strain on households&nbsp;and&nbsp; businesses, raising&nbsp;concerns about affordability.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"1024\" src=\"https:\/\/satellite.mmu.ac.uk\/northernquota-old\/wp-content\/uploads\/sites\/437\/2024\/05\/IMG_20240426_122004-2-768x1024.jpg\" alt=\"\" class=\"wp-image-19768\" srcset=\"https:\/\/satellite.mmu.ac.uk\/northernquota-old\/wp-content\/uploads\/sites\/437\/2024\/05\/IMG_20240426_122004-2-768x1024.jpg 768w, https:\/\/satellite.mmu.ac.uk\/northernquota-old\/wp-content\/uploads\/sites\/437\/2024\/05\/IMG_20240426_122004-2-225x300.jpg 225w, https:\/\/satellite.mmu.ac.uk\/northernquota-old\/wp-content\/uploads\/sites\/437\/2024\/05\/IMG_20240426_122004-2-1152x1536.jpg 1152w, https:\/\/satellite.mmu.ac.uk\/northernquota-old\/wp-content\/uploads\/sites\/437\/2024\/05\/IMG_20240426_122004-2-1536x2048.jpg 1536w, https:\/\/satellite.mmu.ac.uk\/northernquota-old\/wp-content\/uploads\/sites\/437\/2024\/05\/IMG_20240426_122004-2-scaled.jpg 1920w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><figcaption class=\"wp-element-caption\">Photo Credit: Ukamaka Eunice Iyede<\/figcaption><\/figure>\n\n\n\n<p>Fez Abdullahi, a local business owner, is grappling with significant challenges as rising costs impact his business. &#8220;Business has been very difficult with the high cost of electricity bills. I had to cut down on staffing but not on their welfare scheme. VAT has increased as well. I used up my savings to stay afloat. I have delayed payments on rent and am still struggling. I am making conscious efforts to retain my customers even though I had to increase the prices a little. It\u2019s really been difficult&#8221;, Abdullahi said.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Cost Of Living Crisis\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/jU_7Y6rZwlY?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><figcaption class=\"wp-element-caption\">Video of Jamie Bytheway. Credit : Ukamaka Eunice Iyede<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Planning And Restructuring Needed<\/h2>\n\n\n\n<p>Samuel, a resident of Ancoats added,\u201d The high cost of living is affecting everybody. You don\u2019t need someone to tell you there\u2019s hardship in the system. Getting multiple sources of income is still the best way out of this\u201d.<\/p>\n\n\n\n<p>According to Tanzania Hannan, Sales Assistant at Smart City Tailors, &#8220;Business is more about planning and structuring. We operate using a well-tailored price chart for alterations and dry cleaning of fabrics. With the cost-of-living crisis, we adjust one way or another.&#8221;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"1024\" src=\"https:\/\/satellite.mmu.ac.uk\/northernquota-old\/wp-content\/uploads\/sites\/437\/2024\/05\/IMG_20240523_152844-1-768x1024.jpg\" alt=\"\" class=\"wp-image-19767\" srcset=\"https:\/\/satellite.mmu.ac.uk\/northernquota-old\/wp-content\/uploads\/sites\/437\/2024\/05\/IMG_20240523_152844-1-768x1024.jpg 768w, https:\/\/satellite.mmu.ac.uk\/northernquota-old\/wp-content\/uploads\/sites\/437\/2024\/05\/IMG_20240523_152844-1-225x300.jpg 225w, https:\/\/satellite.mmu.ac.uk\/northernquota-old\/wp-content\/uploads\/sites\/437\/2024\/05\/IMG_20240523_152844-1-1152x1536.jpg 1152w, https:\/\/satellite.mmu.ac.uk\/northernquota-old\/wp-content\/uploads\/sites\/437\/2024\/05\/IMG_20240523_152844-1-1536x2048.jpg 1536w, https:\/\/satellite.mmu.ac.uk\/northernquota-old\/wp-content\/uploads\/sites\/437\/2024\/05\/IMG_20240523_152844-1-scaled.jpg 1920w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><figcaption class=\"wp-element-caption\">Photo Credit: Ukamaka Eunice Iyede<\/figcaption><\/figure>\n\n\n\n<p>Jamie Bytheway, a homeowner, highlighted the challenges faced by many due to the ongoing cost of living crisis. &#8220;Being a homeowner is a privilege not everyone has. It must be quite stressful for those who aren&#8217;t, especially with the numerous changes in welfare benefits and other policies. The government needs to prioritize support for those most in need and reconsider the broader impact of the cost of living crisis. Additionally, as a society, we should strive to be less wasteful,&#8221; she stated.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite Ancoats significant economic activity, businesses and individuals are struggling with financial difficulties due to the high cost of living. The necessary living expenses such&#8230;<\/p>\n","protected":false},"author":1643,"featured_media":19335,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[4972],"tags":[5775,2657,4623,5792],"class_list":["post-19048","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-adaptability","tag-business","tag-cost-of-living","tag-rising-concerns"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ancoats Residents Contend With The Looming Cost-of-living crisis. - The Northern Quota<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thenorthernquota.org\/ancoats-residents-contend-with-the-looming-cost-of-living-crisis\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ancoats Residents Contend With The Looming Cost-of-living crisis. - The Northern Quota\" \/>\n<meta property=\"og:description\" content=\"Despite Ancoats significant economic activity, businesses and individuals are struggling with financial difficulties due to the high cost of living. 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