‘It’s crippling,’ blasts barber shop owner closing up for good ‘with a heavy heart’ after 40 years as bills rise
A BARBERSHOP owner has slammed the “crippling cost of living” which is forcing her to close down her business.
Tina Connolly, who has been working at The Strand Barbershop in Birmingham for 28 years and has owned it for 15, revealed that the premises would be shutting its doors for good on June 29.
The Strand, which is set in the city’s busy high street beside a nail salon and off-licence, first opened in 1985.
Tina wrote to customers on social media, revealing the news that, after nearly 40 years, the shop would trim its final barnet at the end of this month.
She said this was due to ” the current economy and crippling cost of living“.
In a Facebook post dated June 8, Tina wrote: “It’s with a heavy heart that we share that The Strand will be closing its doors at the end of this month on the 29th June.
“I’ve worked at the strand for 28 years and owned the buisness for 15 years.
“It’s been an incredible ride, with moments of joy and invaluable learning.
“Sadly, due to the current economy and crippling cost of living, I’m unable to keep The Strand open.
“To our customers and supporters: Thank you. Your belief and trust in us have been the driving force behind our every step.
“We’re committed to ensuring a smooth transition for any ongoing needs.
“As many of you know I will be moving and based somewhere else, which is still located in Harborne.
“I will release details of this soon if you are not aware already.
“To my dedicated team: Your passion and hard work hasn’t gone unnoticed and i’m grateful beyond words for every moment.
“I’m eternally grateful to everyone that has been involved with The Strand. I wish my team and customers all the best.
“Here’s to an amazing future.”
It comes as Office for National Statistics figures revealed Britain’s unemployment rate has risen to 4.4% in the three months to April.
This is the highest rate unemployment has been for almost a year.
Unemployment rises but wages also go up
THE UK’s rate of unemployment has risen, but wages continue to grow, according to new figures.
The jobless rate rose to 4.4% in the three months to April, the Office for National Statistics has said.
It is the highest rate unemployment has been for nearly a year and up from 4.3% in the three months to February.
The latest figures from the ONS also reveal there were 904,000 vacancies between March and May this year.
That’s a decrease of 6,000 from the previous three months and 156,000 lower than a year before.
However, the ONS’ latest data also reveal wages, excluding bonuses, continued to rise by 6% between February and April, compared to the same time period in 2023.
GROWING WAGES
Growing income is great news for our pockets at first glance.
However, this could spell bad news for borrowers expecting the Bank of England to cut interest rates next week.
In May, decision-makers on the Bank’s Monetary Policy Committee (MPC) left the base rate at a 16-year high of 5.25%.
At the time, analysts and investors believed that rate cuts had the potential to arrive as early as June.
However, the current figures now reveal that wage growth is at more than double the 2.3% inflation rate.
And this will not help persuade the Bank of England to cut interest rates when it meets next week.
Wage growth can drive inflation as businesses raise the price of their services and goods to stay profitable.
The ONS said annual average earnings across the public sector rose by 6.4% between February and April compared to the same three months in 2023.
It said the manufacturing sector and the finance and business services sector saw the largest annual regular growth – 6.9%.
The construction sector saw the smallest annual regular growth rate at 2.9%.
The ONS said: “This month’s figures continue to show signs that the labour market may be cooling, with the number of vacancies still falling and unemployment rising, though earnings growth remains relatively strong.”
HIGH UNEMPLOYMENT
Higher unemployment rates are obviously bad, as it means more people are out of work and not earning money.
It also means less money is being pumped into the economy, which can see GDP slow.
When GDP falls, it means the economy is shrinking, and governments have less of the public’s money to spend on public services.
It can also mean taxes rise which means less money in your pocket.
Alice Haines, from BestInvest, added: “Job uncertainty can be very unsettling for workers, particularly those with no backup savings in place.
“The financial implications for those that cannot secure a new job quickly can be severe with the longer they are unemployed raising the prospect of bills remaining unpaid and debts piling up.
“Building up solid financial reserves that can cover up to six months’ of expenses is important in uncertain times.
“Paying down expensive debts and avoiding unnecessary expenditure will also ease any fears around being able to cover a lengthy period without income.”