This morning the Bank of England announced that inflation has hit a 40 year high at 9% and the country is on the brink of a recession.

The cost of living crisis is having a serious knock-on effect for homes and businesses all over the country. Earlier this week it was revealed that Sheffield is now the fifth most expensive place in the UK for lone renters to live.

ShefNews spoke to Andy Bingham, manager of the S6 foodbank in Gleadless and Megan Beardsmore, owner of Sheffield Skincare Co in Crookes, which is being forced to close at the end of the month, to see how local businesses are coping under these new pressures.

Watch here: