LB First: Growing strain with energy costs, but there’s one source of help

A recent report indicated that confidence in the state of the economy remained at a record low in April, underlining the growing strain on households even as spending shows surprising resilience.

Economists say the divergence between confidence and spending could prove temporary, warning that persistently weak sentiment may eventually feed through into reduced consumption if financial pressures intensify.

For now, the figures paint a picture of an economy where consumers are increasingly anxious but not yet pulling back, raising questions about how long that balance can be sustained.

Helen Dickinson, Chief Executive of the British Retail Consortium, said: "The Middle East conflict continues to stoke consumer anxiety around inflation and the cost of living. Amid a volatile geopolitical situation, households are expecting to see their pay packets squeezed by rising petrol, domestic energy and food prices.

“Expected retail spending rose, but this was driven entirely by grocery spend, with most consumers expecting to rein in spending in other areas. The longer volatility drags on, the more uncertainty it creates in the economy. Businesses are battered by higher energy costs, the government has leavers it can pull to limit the inflationary fallout. Taking early, decisive action would help shield consumers from a spike in the cost of living they simply can't afford."

At the moment the government has announced help for 10k energy intensive firms with their energy costs but not small businesses. While the conflict in the Middle East threatens to push-up bills even, further small businesses were already struggling with rising energy costs.

One source of help for local business owners and residents is Buzz Community Energy, who are a not-for-profit community benefit society, made up of local volunteers who have been trained and certified to be 'Community Energy Champions' who can provide free, impartial advice on how you can reduce your energy bills.

They have lots of resources and specialist equipment such as a thermal imaging camera, and best of all it won't cost you a penny other than a bit of your time. So don't delay, email [email protected] and start saving.

For more information contact Gennaro on 01525 854273 or LB First Facebook page.