High Street set for worst year since pandemic

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

Compare the best investing account for you

The issue has been highlighted by the Mail’s Save Our High Streets campaign, with leading retailers calling for urgent reform of business rates.

DIY INVESTING PLATFORMS

AJ BellAJ BellEasy investing and ready-made portfoliosLearn MoreLearn MoreHargreaves LansdownHargreaves LansdownFree fund dealing and investment ideasLearn MoreLearn Moreinteractive investorinteractive investorFlat-fee investing from £4.99 per monthLearn MoreLearn MoreSaxoSaxoGet £200 back in trading feesLearn MoreLearn MoreTrading 212Trading 212Free dealing and no account feeLearn MoreLearn More

Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.

The CRR predicts as many as 202,000 jobs could be lost next year due to higher business rates and employment costs. The new worrying data comes after the Mail revealed that more than 400 retail jobs had been lost every day this year by mid-November.

Some 38 major retailers fell into administration this year, including Lloyds Pharmacy, Homebase and The Body Shop.

And he warned 2025 could be even worse. ‘By increasing the costs of running stores and the costs on each consumer’s household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020.’

source