When the governor of the Bank of England is describing rising food prices as ‘apocalyptic’, you can be forgiven for thinking everyone is getting a bit carried away. But truth be told, the rising cost of living is hitting households big time throughout the UK. It’s been a dire few years financially – supply chains have been disrupted, as has the workforce, people have been furloughed, stood down and businesses have closed.
Now, energy prices are up, inflation is soaring, rent and mortgages are up (11% YOY), and – if the National Institute for Economic & Social Research (NIESR) is on the money – “more than 1.5 million households will see the rise in food and energy bills outstrip their disposable income”. There is definitely a nationwide squeeze on.
The state of reduced play.
The flow-on effect of this rising cost of living in the UK isn’t just constricted to households. The pressure has led to a change in widespread consumer behavior. With fuel, food, transport, and travel costs on the rise for consumers, Britons are opting to leave the house less and less. There’s a reduction in their overall consumption and the population’s general purchasing habits have shifted.
The UK’s economy is showing signs of the squeeze and – importantly – the service sector and the experience industry is reporting a continued downturn as people choose not to go out. That has a commercial bearing on us all because when the service industry is feeling the pinch, the whole supply chain is affected.
Minding your own business(es)
GPT Waste Management’s Managing Director Guy Cherry explains “Industrial output is down and overall performance is starting to wane. Ultimately, spending is tightening across the board and cash needs to be saved from somewhere. Clearly, keeping an eye on costs, therefore, remains of paramount importance for business operators. We actually do relish the opportunity to support our clients during these times, both from a cost-saving and environmental credential standpoint”.
Big business is copping it too with the general cost of manufacturing rising as offshore materials are harder to get your hands on, petrol and diesel prices are hitting record highs and transport costs are going up and up. No matter what business you find yourself in, you have to look at how the UK’s cost of living crisis affects your business – your employees, raw materials, production and most importantly – your bottom line.
What about waste?
Across households and the commercial industry, the waste collection plays a critical role in the overall supply chain and the economy. Take the UK’s Energy From Waste (Efw) Plants for example. Plants need a lot of waste to generate electricity and it gets sold back at wholesale cost to the grid. So if we don’t get the required levels of waste – commercial or household – this business model becomes unsustainable.
Business and industry waste has fallen over the last couple of years, as construction and commercial activity were halted during the lockdown periods, which reduced demand for waste management services. Thankfully, activity in these sectors recovered as lockdown measures were eased, but they have not reached the levels they once were.
The cost of living crisis, its ripple effect, and our disrupted supply chain can ill afford to result in bad waste practices and corner-cutting. Whilst the tightening across the board is essential, it’s worth engaging the experts to ensure you’re getting the best waste management service that suits your business.
The leading independent provider of waste management services in the UK, GPT Waste offers thought-leading expertise and national coverage through our audited supply chain. The business delivers future-focused, cost-effective, and sustainable solutions for businesses.
GPT Waste offers an industry-leading, transparent and technology-backed offering to the UK waste sector. We can offer strategic reviews of your waste management requirements in order to identify environmental and cost benefits. Our approach has made us the UK’s leading independent waste management company. To speak to our expert team about your waste management requirements, call 0844 854 5000