Troubled UK retailers have been forced to cut around 150,000 jobs in 2018, as high taxes, slow growth and rising online sales continue to bite into their profits even in the year’s busiest shopping period, a new study shows.
Data from the Centre for Retail Research (CRR) showed Monday that 148,132 were lost as around 20,000 shops and restaurants were closed this year, according to British media.
The outlook remained gloom for next year as well, as retailers were predicted to continue struggling with dwindling profits in anticipation of the country’s pending exit from the European Union (EU).
UK Prime Minister Theresa May’s draft Brexit deal has hit strong opposition in Parliament, drawing an even more uncertain future ahead of businesses only months away from the EU’s March 2019 deadline for a divorce.
“While parliament is obsessed with Brexit, business rates and low growth are killing the high street,” said Professor Joshua Bamfield, the…