More than 400 retail jobs have been lost every day this year as the bleak outlook for the retail sector continues

More than 400 retail jobs have been lost every day this year as the high street struggles with rising costs.

Gloomy figures from the Center for Retail Research (CRR) show that 130,148 jobs have disappeared by mid-November – more than the 119,405 lost in all of 2023.

The cuts came as more than 8,500 stores closed and big names such as The Body Shop shuttered their branches.

Industry experts warn that worse will happen in 2025 as retailers are hit by the rising cost of doing business.

Much of the blame goes to Rachel Reeves, who broke Labour’s manifesto with a £25 billion increase in employers’ national insurance contributions and pushed through an inflation-busting increase in the minimum wage.

The Chancellor has also come under fire for failing to reform the business rates regime plaguing the High Street.

The CRR will publish its full annual job loss figures next week, laying bare the crisis facing the sector.

The issue has been highlighted by the Mail’s Save Our High Streets campaign, with household names such as B&Q and Currys calling for urgent reform of business rates.

There are fears that national insurance increases, higher minimum wages and a rise in business rates will lead to further job losses over the next twelve months.

Retailers such as HMV and The Entertainer have already announced that they will not open any new stores next year due to higher rates.

John Webber, head of business rates at property agent Colliers, said Labor would “finish the High Street” without a change of tack, warning job losses will get worse.

The business rates system is a levy based on the rental value of a commercial property. This means that stores pay a premium compared to online giants like Amazon.

Before the Budget, bosses called on the Chancellor to extend Covid-era support schemes, cutting business rates bills by 75 per cent.

They also wanted to see the introduction of permanent reforms to the system that would create a level playing field. Instead, the rate reduction for catering and retail trade was reduced to 40 percent.

Reeves also announced plans aimed at reducing business rates for most High Street shops at the expense of larger commercial properties, which will have to pay more.

The idea is to capture large warehouses used by the likes of Amazon, but it could backfire as the proposals will also affect larger physical stores.

Webber said: ‘Labour have washed their hands of the High Street and are hanging them outside to dry.

‘They should be ashamed because they are causing a lot of damage. The route they take ends in High Street.’