Over 400 shop jobs lost every day this year as bleak retail outlook continues
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More than 400 retail jobs have been lost every day this year as the High Street faces soaring costs. Bleak figures from the Centre for Retail Research (CRR) show 130,148 jobs disappeared by mid-November – more than the 119,405 lost over the whole of 2023.
The cuts came as more than 8,500 stores closed down with big names such as The Body Shop shutting sites. Industry experts warn worse is to come in 2025 as retailers are battered by the rising cost of doing business. Much of the blame is directed at Rachel Reeves, who broke the Labour party manifesto with a £25billion rise 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 clobbering the High Street. Soaring costs: More than 400 retail jobs have been lost every day this year. The CRR is set to publish its full annual figures for job losses next week, laying bare the crisis facing the industry.
The issue has been highlighted by the Mail’s Save Our High Streets campaign with household names including B&Q and Currys calling for urgent reform of business rates. It is feared the National Insurance hike, the higher minimum wage and a rise in the business rates bill will lead to further job losses over the coming 12 months.
Retailers including HMV and The Entertainer have already said they will not open new shops due to higher rates next year. John Webber, head of business rates at property agent Colliers, said Labour would ‘finish the High Street’ without a change of tack, warning job losses will get worse.
