The embattled high street may see further shops boarding up windows as the twin threats of online retailing and tax.
The Mail reported this month that up to 800,000 people could lose their jobs if 80,000 shops close their doors for the final time in the next two years. The risk of seeing so many jobs being lost was enough to catch the attention of Chancellor George Osborne who will review the effect of tax on shops in his autumn statement.
The figures for the potential closures come from the British Retail Consortium (BRC) who have decided to draw attention to the crippling effects of business rates on shops, calling it a “tax on jobs and growth”.
While it is unclear where these estimates have come from, there would be a huge effect on the national economy if so many shops were to close by 2017. Many high streets that provide the lifeblood of communities are already seeing many shop closures leaving rows of shutters and ‘to let’ signs.
With less choice, consumers are more likely to be drawn towards out of town shopping centres and online shopping. If you are a business owner struggling with tax bills why not give our friendly team a call to see if we can help you.