Norfolk businesses continue to face challenges amid ongoing overseas conflict

Small businesses in Norfolk say they're still struggling with rising costs as a result of the ongoing conflict in Iran.

The federation of small businesses say that hospitality firms in the county have been a 94% increase in costs over the last three months.

Candy Richards from the FSB says alongside this, some still haven't recovered from the Covid pandemic: "Since then, we've had big hikes in energy costs. And, this year, big jumps in business rates and employment costs.

Candy adds that for Norwich, it could mean more gaps on the high street:

"Unfortunately, for many small businesses, this will mean that later in the year, they will have to close their doors."

Candy also said that struggles like the cost of living are adding even more pressure, as households are hesitant to spend money.

The Federation of Small Businesses says the ongoing conflict isn't just hitting businesses, but the county's agricultural sector too.

Candy says because much of Norfolk is rural, many are relying on heating oil:

"These establishments, including local hotels and spas, face thousands of pounds in additional monthly expenses due to fuel costs."

The small business sector isn't the only one feeling the strain; many self-employed individuals are contemplating returning to employment as pressures mount.

"This shift could impact future job creation," Candy said.