Several Durham businesses, all of which have seen huge financial repercussions during the cost of living crisis, have called for the government to take rapid action against climbing costs and reduced trade. 

They want to see better support for business owners, reduced food and utility costs, and a push to reinstill the public's faith in spending money. 

Speaking to The Northern Echo, many market stall holders and Durham businesses said that their hopes and their sales had been bolstered by the appointment of the new Prime Minister, Rishi Sunak, on 25 October. 

But business owners said that they would not survive the winter if the state of the economy did not improve. 

Read more: The Water House Wetherspoon pub in Durham up for sale

One employee in Durham Indoor Market said that they had seen a huge increase in trade since Sunak was appointed PM - but thought that Truss's premiership had severely damaged the economy and consumer trust. 

They said: "I am hopeful - but maybe that is desperation. There's certainly a lot of work to be done, but already I think people have a bit of confidence back.

"It was just always obvious that Truss was out of her depth, and she knew that from the day she started - business was dire with Truss in office."

James Gardener, the owner of Bean Social, a cafe on Durham's chaotic North Road said his business has also suffered significantly over the last two years. 

The Northern Echo: Bean Social is a well known spot for coffee and cake - but is still struggling. Bean Social is a well known spot for coffee and cake - but is still struggling. (Image: Phoebe Abruzzese)

"Compared to where we were two years ago, we are seeing a 60 per cent loss of trade, and on a good week, we only break even. We are haemorrhaging money."

When it comes to the cost of living crisis, James has found that the cost of certain ingredients has increased, but the cafe has simply stopped serving them, operating on a reduced menu to keep costs as low as they can.

On the new Prime Minister and politics in general, James thinks the whole system is "pompous". 

Read more: North Yorkshire food banks call for Rishi Sunak to do a shift

For new business owners, economic instability is particularly frightening. Miles Nelson, the owner of Bookwyrm, a newly-opened queer bookstore in the market, says that their introduction into the business world has been "really scary" due to the cost-of-living crisis. 

The Northern Echo: Picture: Graham SoultPicture: Graham Soult (Image: Graham Soult)

"We've been open three months, and started trading just before costs got really high. there has been so much political turmoil recently - as a business owner, if I don't laugh I'll cry."

When asked what he would like to see from the new PM, Miles said: "I'd love to see him put a cap on utilities, or bring rates down entirely. Electricity is one of our biggest costs, and having a cap for would help everyone so much."

H&H Cakery, a bakery in Durham Indoor Markets, has also opened recently and struggled against the cost of living. 

The owner, Halime Dursun, said that the business is facing a "difficult cost crisis", where they are seeing prices for wholesale goods increase every day.

As a bakery, electricity, gas and food costs have a huge impact on profits, and Halime has implored the government to cut business tax and put measures in place to ensure stability in food prices, so she can continue to trade. 

The Northern Echo: Many retailers on Durham's Silver Street has prices rise and trade falls. Picture: Sarah CaldecottMany retailers on Durham's Silver Street has prices rise and trade falls. Picture: Sarah Caldecott (Image: Sarah Caldecott)

The feeling that more needs to be done by the government seems to be mirrored by all traders. One business owner said: "People can't splash the cash, and are going to supermarkets over markets and high streets.

"People want something nice but not that nice, so we miss out on trade because we are of higher quality. The government have to get people spending - grants are helpful, but they're just a sticking plaster when the issue is countrywide. They have to restore faith."

 

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