As part of my job I have to review and interpret various public transport timetables. In general, Arriva are not cutting back but re-organising.
I travel on various buses every day and, while Arriva are not perfect (who is ?) they are far better than most of the competition.
If we look at Kilby or Fleckney then their Arriva service is improved. If we look at Hinckley then there are more late Arriva buses to Leicester. If we look at Ravenstone then a direct Arriva service to Ashby has been restored. This is just from the new timetables I have seen. I still have a number that are unopened.
If I open the debate up to include Kinch then they have just started a direct service between Leicester & Loughborough. (Granted it is only "limited stop" but still means that we would only have to walk from Shelthorpe or Sibson Road to get home, rather than all the way from the city centre AND THIS RUNS HOURLY THROUGH THE NIGHT).