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Almost 170,000 retail workers lost their jobs this year after the collapse of major high street chains, according to data.

It is the highest since more than 200,000 jobs in the sector were lost in 2020 in the aftermath of the COVID pandemic, which forced retailers to shut their stores during lockdowns.

The figures, compiled by the Centre for Retail Research, show a total of 169,395 retail jobs were lost in the 2024 calendar year to date – up 49,990 – an increase of 41.9% – compared with 2023.

It said its latest analysis showed the number of job losses spiked amid the collapse of major chains such as Homebase and Ted Baker.

Around a third of all retail job losses in 2024, 33% or 55,914 in total, resulted from the collapse of businesses, with 38 major retailers going into administration, including other household names such as Lloyds Pharmacy, The Body Shop, and Carpetright.

The rest were through “rationalisation”, as part of cost-cutting programmes by large retailers or small independents choosing to close their stores for good, according to the centre.

Pic: PA
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File pic: PA

Professor Joshua Bamfield, director of the Centre for Retail Research, said: “The comparatively low figures for 2023 now look like an anomaly, a pause for breath by many retailers after lockdowns if you like.

“The problems of changed customer shopping habits, inflation, rising energy costs, rents and business rates have continued and forced many retailers to cut back even more strongly in 2024.”

Independent retailers, which are generally small businesses with between one and five stores, shed 58,616 jobs in total during the year.

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Experts said 2025 is expected to be another challenging year for high street firms, with an increase in national insurance contributions as well as a reduction in discounts for business rates – the property tax affecting high street firms.

The current 75% discount to business rates – due to end on 31 March 2025 – will be replaced by a less generous discount of 40%, with the maximum discount remaining at £110,000.

Alex Probyn, president of property tax at real estate adviser Altus Group, said: “The cut in the business rates discount from 1 April will disproportionately affect independent retailers who will see their bills rise on average by 140% adding an extra £5,024 for the average shop.”

Altus forecasts have predicted the change will save the Treasury money but cost the retail sector an extra £688m.

The British Retail Consortium has also predicted that an increase in employer national insurance contributions and a reduction in the threshold at which firms start paying will create a £2.3bn bill for the sector.

Professor Bamfield has predicted as many as 202,000 jobs could be lost in the sector in 2025.

“By increasing both the costs of running stores and the costs on each consumer’s household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020,” he added.

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Donald Trump tells UK to ‘get rid of windmills’ and says raising windfall tax on North Sea oil is ‘big mistake’

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Donald Trump tells UK to 'get rid of windmills' and says raising windfall tax on North Sea oil is 'big mistake'

Donald Trump has said the UK is making “a very big mistake” in its fossil fuel policy – and should “get rid of windmills”.

In a post on Friday on his social media platform, Truth Social, Mr Trump shared news from November of a US oil producer pulling out of the North Sea, a major oil-producing region off the Scottish coast.

“The UK is making a very big mistake. Open up the North Sea. Get rid of windmills!”, the US president-elect wrote.

The Texan oil producer Apache said at the time it was withdrawing from the North Sea by 2029 in part due to the increase in windfall tax on fossil fuel producers.

North Sea oil rig
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North Sea oil rig. Pic: Reuters

The head of Apache’s parent company APA Corporation said in early November it had concluded the investment required to comply with UK regulations, “coupled with the onerous financial impact of the energy profits levy [windfall tax] makes production of hydrocarbons beyond the year 2029 uneconomic”.

Chief executive John Christmann added that “substantial investment” will be necessary to comply with regulatory requirements.

Mr Trump used a three-word campaign pledge “drill, baby, drill” during his successful election campaign, claiming he will increase oil and gas production during his second administration.

In the October budget announcement, UK Chancellor Rachel Reeves raised the windfall tax levied on profits of energy producers to 38%.

Called the energy price levy, it is a rise from the 25% introduced by Rishi Sunak in 2022 as energy prices soared following Russia’s invasion of Ukraine.

Many oil and gas businesses reported record profits in the wake of the price hike.

The tax was intended to support households struggling with high gas and electricity bills amid a broader cost of living crisis.

Apache is just one of a glut of firms that made decisions to alter their North Sea extraction due to the Labour policy.

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Even before the new government was elected, three companies, Jersey Oil and Gas, Serica Energy and Neo Energy – announced they were delaying, by a year, the planned start of production at the Buchan oilfield 120 miles to the north-east of Aberdeen.

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SME lender Tide rises to challenge with new fundraising

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SME lender Tide rises to challenge with new fundraising

Tide, the business banking services platform, has hired advisers to orchestrate a fresh share sale as it pursues rapid growth in the UK and overseas.

Sky News understands that Tide has been holding talks with investment banks including Morgan Stanley about launching a primary fundraising worth in excess of £50m in the coming months.

The share sale may include both issuing new stock and enabling existing investors to participate by offloading part of their holdings, according to insiders.

It was unclear at what valuation any new funding would be raised.

Tide was founded in 2015 by George Bevis and Errol Damelin, before launching two years later.

It describes itself as the leading business financial platform in the UK, offering business accounts and related banking services.

The company also provides its 650,000 SME ‘members’ in the UK a set of connected administrative solutions from invoicing to accounting.

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It now boasts a roughly 11% market share in Britain, along with 400,000 SMEs in India.

Tide, which employs about 2,000 people, also launched in Germany last May.

The company’s investors include Apax Partners, Augmentum Fintech and LocalGlobe.

Chaired by the City grandee Sir Donald Brydon.

Tide declined to comment on Friday.

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Hammond-backed outsourcer Amey among bidders for £300m Telent

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Hammond-backed outsourcer Amey among bidders for £300m Telent

An outsourcing group backed by Lord Hammond, the former chancellor of the exchequer, is among the suitors circling Telent, a major provider of digital infrastructure services.

Sky News has learnt that Amey, which endured years of financial difficulties before being taken over by two private equity firms in 2022, has tabled an indicative offer to buy Telent.

Industry sources expect a deal to be worth more than £300m, with a next round of bids due later this month.

Amey is part-owned by Buckthorn Partners, where Lord Hammond is a partner.

The outsourcer was previously owned by Ferrovial, the Spanish infrastructure giant, but ran into financial trouble before being sold just over two years ago.

It announced earlier this week that it had completed a refinancing backed by lenders including Apollo Global Management, HSBC and JP Morgan.

Amey is understood to be competing against at least one other trade bidder and one financial bidder for Telent.

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Once part of Marconi, one of Britain’s most famous industrial names, Telent ended up under the control of JC Flowers, the private equity firm, as part of a deal involving Pension Insurance Corporation, the specialist insurer, several years ago.

It provides a range of services to telecoms and other communications providers.

Amey declined to comment, while Telent could not be reached for comment.

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