As the cost-of-living crisis hits households hard across the UK, many businesses within the logistics industry are also feeling immense pressure. According to leading manual handling equipment provider, Midland Bearings, immediate action is needed by policymakers in order to protect vital supply chains.
Since the start of the cost-of-living crisis, many businesses in the logistics industry have had to deal with increasingly inflated prices when it comes to storing and transporting goods and materials. A main concern is the current cost of bulk diesel, which has increased by up to 42% in the first 6 months of 2022 alone, causing a huge issue for all elements of the supply chain.
The operating costs of businesses have risen significantly, causing many to either settle with dwindling profits or pass the cost increases onto the end customer, driving up the cost of goods and services. As the cost-of-living crisis is only expected to worsen with the drop of the pound and ongoing geopolitical conflicts, the logistics industry needs support if vital supply chains are to be protected.
Midland Bearings, the parent company responsible for popular manual handling equipment websites Pallet Trucks UK, Pallet Truck Shop, and Midland Pallet Trucks has become the go-to supplier of equipment for warehouses across the UK. As a crucial supplier to the logistics industry, Midland Bearings knows better than most just how much of a toll price increases are having on the industry.
Phil Chesworth, Managing Director of Midland Bearings says, “The cost-of-living crisis is causing many issues for the logistics industry as it’s driving up the cost of everything we rely on, like fuel, equipment, lorries, etc. At Midland Bearings we offer a range of affordable manual handling equipment, but the wider industry needs a lot more support if we’re going to be able to keep supply chains running smoothly and companies in the business.”
Source: Midland Bearings