Pensioners may be in for ‘nasty’ shock
the Brexit vote contributed to losses in the years before the Covid pandemic.
But perversely, the pandemic turned around the shop’s fortunes.
James said: “People were bored and so if you were selling any kind of homeware during Covid you were smashing it.”
The Government’s furlough and Bounce Back Loan also helped put the shop back in the black.
Indeed, The Afghan Rug Shop has now moved to a former bank three times the size, across the street.
Customers include the model and TV presenter Jodie Kidd.
But James says his business isn’t solely there for kudos and wealth.
James, who employs three staff in Hebden but hundreds of weavers in Afghanistan, said: “I’m not doing this to get rich... For me, it’s a longterm way of supporting Afghan people.”
His Afghan suppliers don’t just receive an income from the business, they receive health checks and physiotherapy in a part of Afghanistan with practically no state health service.
All the rugs he sells are Fair Trade accredited and the homes where they are produced are inspected to check the workers are happy and ethical working practices are in place.
In short, it’s all about Afghanistan. But can I have a Persian rug, then?
“I don’t sell anything that’s not from Afghanistan,” says James.
That’ll be a “no” then.
SOME pensioners on final salary deals could be in for a nasty surprise as surging living costs outpace rises in their incomes, experts have warned.
While many private sector defined benefit (DB) pensions increase in line with inflation, often this is subject to an annual cap, commonly set at 5%, XPS Pensions Group said. With inflation rising above the caps, pensions will lag behind.
The Consumer Prices Index
(CPI) rose by 7% in the 12 months to March 2022, and the figure is expected to climb higher in the coming months.
Steve Leake, a partner at XPS Pensions Group, said: “If inflation were to reach 10% this year our modelling suggests that UK pensioners would collectively lose £1.7 billion in pension benefits.”