Pay packet boost ‘perfect storm’ for local business

Around 160,000 workers in Northern Ireland have received a pay rise, as increases in the National Minimum Wage came into effect on Monday.

It means that the rate which previously stood at £10.42 has now been increased to £11.44.

While the boost has been welcomed by many, it could have a major impact on local business owners who are still in recovery mode following a tumultuous few years of trading.

One Banbridge retailer described the current climate as an “uphill battle”.

She told the Chronicle that it is becoming increasingly difficult to weather the financial storm.

“With rising costs like rent, rates, bag tax, water charges and transport costs, staying in business is almost impossible.

“If I were to define retail at present, it is a very bleak picture.

"I have never worked so hard, for less!”

She said high costs, increases from suppliers and now a wage rise for staff, was creating a "perfect storm" for retail.

“Costs are up, footfall is down, there is very little confidence in the economy.

“Banbridge is feeling the effect of the cost of living crisis, and business owners are receiving little help.”

Chairperson of Banbridge Chamber of Commerce, Michael Donaghy, believes independent stores need more government support.

“Staff deserve a proper wage for their work, particularly with the shortage of people wanting to work in retail,” he said. “But it is another cost at a difficult time. We need to see the reform of business rates, to bring them more in line with England. "Banbridge shop vacancy rate is quite low compared to other towns in the ABC council area, but with the public realm almost finished it will give Banbridge a clean modern and safe look that shoppers now demand.

"It is the range of good quality independent shops that draws people to the town.”