High Street retailers cut 50,000 jobs this year

Jul 11, 2018

Retailers affected by high business rates and inflation struggling to make ends meet.

It is expected that over 50,000 jobs have been lost on Britain’s high streets during the first half of this year. With national chains such as Maplin, Toys R Us and Poundworld have already fallen into administration, with House of Fraser, Mothercare, Marks and Spencer and New Look also closing a number of their stores.

It is suggested that the rising rate of retailers closing stores in an effect of falling consumer confidence, soaring business rates and Brexit’s effect on inflation.

According to the Press Association, as many as 50,000 people have been made redundant or have had their jobs threatened, most of them in the big name chains. Restaurants are also feeling the pinch with hundreds of jobs axed from Prezzo, Byron and Jamie’s Italian.

The Trades Union Congress said the government needed to “up its game”.Robert Hayton, head of UK business rates at Altus, said: “Business rates are rarely the sole driver for insolvencies but certainly a contributory factor.”

Businesses are also having to deal with the increased operating costs for the national living wage and apprenticeship levy.

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