High Street is heading for its worst year since the pandemic
- Labour’s business policies could be even deadlier than a pandemic
- CRR predicts that as many as 202,000 jobs could be lost next year
- By mid-November, more than 400 retail jobs were being lost every day this year
More than 550 retail jobs are expected to be lost per day by 2025 as businesses struggle with Rachel Reeves’ budget.
Gloomy predictions from the Center for Retail Research (CRR) suggest Labour’s business policies could be even deadlier than the pandemic for the High Street.
The CRR predicts that as many as 202,000 jobs could be lost next year due to higher business figures and labor costs. The new worrying figures come after the Mail revealed that more than 400 retail jobs were being lost every day this year by mid-November.
The sector is set for a £7 billion hit as a result of Labour’s decisions in the spring. Retailers have warned this will result in lower wages, fewer staff and higher prices. Companies are already facing a total loss of 169,395 retail jobs this year – a jump of 41.9 percent compared to 2023.
Around 38 major retailers have gone bankrupt this year, including Lloyds Pharmacy, Homebase and The Body Shop.
The Centre’s Professor Joshua Bamfield said: ‘The challenges of changing customer shopping habits, inflation, rising energy costs, rents and business rates forced many retailers to make even greater cuts.’
Gloomy: Around 38 major retailers have gone bankrupt this year, including Lloyds Pharmacy, Homebase and The Body Shop
And he warned that 2025 could be even worse. “By increasing the cost of running stores and the cost to each consumer’s household, it is highly likely that retail job losses will eclipse the peak of the pandemic in 2020.”
The Chancellor has also come under fire for failing to reform the business rates regime plaguing the High Street.
Alex Probyn, of property adviser Altus Group, said: ‘The reduction in the business rates discount from April 1 will disproportionately hit independent retailers.’
The issue has been highlighted by the Mail’s Save Our High Streets campaign, with leading retailers calling for urgent reform of business rates.
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