Brexit, online competition and a slew of Company Voluntary Arrangements (CVAs) have been blamed for a 50,000 drop in jobs at Britain’s largest businesses in the last six months, with the retail industry hardest hit.
Store closures, CVAs and administrations from the likes of House of Fraser, electronics retailer Maplin and Toys R Us were blamed for the majority of the job losses, according to figures from the Press Association, reported by The Times.
Additional figures from the BBC indiated that 22,000 jobs had been hit on the high streets. Soaring business rates and Brexit-related inflation were also blamed for the retail sector’s struggles.
In addition to high street woes, the collapse of public contractor Carillion and the shuttering of restaurant chains including Prezzo and Jamie’s Italian, also contributed to the drop.
Commenting in The Times, Frances Grady, general secretary of the Trades Union Congress (TUC) said: “Retail depends on customers having money in their pockets. One reason why some shops are struggling is because wage growth has been very weak. The government needs to up its game, boost the economy and invest in great jobs that people can live on.”