UK high street warning as 160,000 jobs to be scrapped in the next few years

Another major blow is coming to the UK’s high street in the form of huge job cuts, with Labour officials refusing to back down on the incoming cost increases retailers are about to face

The high street has been struggling for years(Image: In Pictures via Getty Images)

The UK high street is set for a huge blow, with 160,000 part time jobs to go in the next three years. According to the British Retail Consortium, the incoming higher National Insurance Contributions (NICs) for employers and an increase in the National Living Wage has seen a whopping £5bn added to labour costs.

This could see one in 10 part time jobs slashed by retailers throughout the country, which could impact those aged under 25 more than most.

Despite all and sundry from the high street calling on the Labour government, and specifically Chancellor Rachel Reeves to reverse the incoming hikes – Prime Minister Keir Starmer has been adamant that no reversal will be made.

A double whammy is hitting in April(Image: Getty Images)

Helen Dickinson, Chief Executive at the British Retail Consortium, said: “Retail is a key source of employment right across the economy. The industry and its supply chains account for a third of jobs in one-fifth of UK constituencies and retail plays a vital role in upskilling the workforce and boosting productivity growth, currently spending £4 billion a year on training.

“Retail has long offered the first rung of the career ladder to hundreds of thousands of young people, playing a vital role in communities up and down the country.

Around 160k jobs are now under threat(Image: Corbis via Getty Images)

“However, between rising employer National Insurance Contributions, higher NLW costs, and incoming employment regulations, the government may be kicking away the ladder for the next generation. One in ten part-time retail roles are now at risk of being lost.

Labour has refused to reverse its decision(Image: Getty Images)

“Retailers face a mountain of costs from the Budget and while they continue to absorb costs where they can, higher prices and job losses are inevitable. If the government can find ways of mitigating the £7bn of costs facing the industry this year, as well as ensuring a pragmatic approach to the Employment Rights Bill that focuses on tackling unscrupulous employers, protecting employees while supporting employment, then many jobs would be saved.”

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