UK retail sector facing job cuts
A new report says the UK’s retail sector, one of the country’s largest employers, is facing up to 900 thousand job losses and the closure of thousands of shops in the next decade.
The report by the British Retail Consortium also warns that rising costs due to the “national living wage” and the new apprenticeship levy could increase the rate of job cuts.
“Both have sound intentions but could fail on implementation. Together these effects could mean there are as many as 900,000 fewer jobs in retail by 2025 but those that remain will be more productive and higher earning,” the BRC, which represents retail companies, said.
The retail sector currently employs 3 million people - but of the 270,000 shops in the UK today, up to 74,000 could shut. Nearly 30% of these could be in Wales and the north of England, the report says, the Guardian wrote.
Chairman of the British Retail Consortium Sir Charlie Mayfield urged to government to rebalance the burden of taxation.
“Headline reductions in Corporation Tax may encourage some businesses to move their tax domicile to the UK, but they are effectively being paid for by businesses who are large users of property, large employers and significant users of fuel,” the report said.
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