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Retail industry could lose almost 1m jobs, warns BRC

The retail industry could lose almost one million jobs in the next decade, the British Retail Consortium has warned.

Shop closing

 

 

It has calculated that new government policies such as the national living wage, the apprenticeship levy and rising business rates could cost as much as £14bn to retailers over the next four years, reported City AM.

The retail industry currently employs around three million people in 270,000 UK stores. The BRC report said up to 74,000 of these stores could close in the next decade, with nearly 30% of these closures in Wales and northern England.

The living wage will increase to £7.20 for workers over the age of 25 next month, rising to £9 per hour by 2020. According to figures from the Office for Budget Responsibility, the increase in cost to retailers could result in 60,000 job cuts.

 

Readers' comments (1)

  • A review on age 16 school leavers pay is a must at £3.33 ph. How on earth are we meant to attract young people into the industry? I have a talented 19 yr old up and coming manager who is on £5 ph while she watches older members of her team work for £7.20 ph and she's their supervisor - just wrong! This pay increase for over 25 yrs is already effecting team moral. Staff members who are on a set annual salary are suffering and falling behind on pay as min wage has now over taken supervisor and asst manager pay.

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