Businesses and individuals have been rebuilding following the Covid-19 pandemic, but now they are facing a new set of pressures from the rising cost of living. Interest and borrowing rates have hiked, food and fuel prices have increased as well as energy costs, housing costs and other general day to day expenses. 

According to Office for National Statistics data from the end of May 2023, around two-thirds (67%) of adults reported that their cost of living had increased, compared with a month ago.

The most common reasons reported were an increase in the price of food shopping (97%), an increase in gas or electricity bills (69%), and an increase in the price of fuel (40%) (1).

Everyone has been affected by this in some way.  For Resonance, that includes our investee social enterprises, their staff, our own staff and the tenants living in the properties belonging to our impact property funds. These price increases are impacting every aspect of our lives and causing much anxiety and concern.

To help ease the pressure and navigate through life with these pressures, Resonance has put together a Cost of Living Resource Hub with handy links to signpost support services which could help with things like saving money, budgeting, applying for funding or finding out what other support might be available.

At Resonance, we have a Cost of Living Working Group which has been collating information from our tenants, staff and social enterprises and discussing the ways in which we might be able to offer some support. 

We know that our brilliant social enterprises are trying to support more people than ever in these challenging times, despite many of them experiencing their own difficulties, which is why we are looking to help where we can. 

If you have any ideas or information, you think we should be sharing on this Hub, please email [email protected] and we will be sure to upload to the Hub.

If you are one of our social enterprises and would like to speak to someone about your individual situation, please contact your investment manager.

1.https://www.ons.gov.uk/peoplepopulationandcommunity/wellbeing/bulletins/publicopinionsandsocialtrendsgreatbritain/17to29may2023