Almost 650,000 jobs have been lost in the UK’s retail sector over the past five years, according to new figures. It comes as industry experts are calling on the Prime Minister for caution over business rates levels next year in order to protect the future of UK high streets.
The Centre for Retail Research said that 645,204 retail jobs have been lost and 72,580 stores closed across the whole of the UK during the five years since 2017. This included 105,727 jobs lost last year as the continuation of the furlough scheme kept losses below previous years.
The stark figures come as high street firms face a significant increase in business rates after benefiting from tax breaks during the pandemic. In April 2023, a revaluation of around two million non-domestic properties for business rates in England will come into force.
