UK retailers could cut 900,000 jobs in decade, group says
[LONDON] UK retailers may slash as many as 900,000 jobs over the next decade amid technological advances and the increased minimum wage, their trade body said Monday.
The decline would amount to about a third of the industry's current employment level and extend a drop that began in 2008 when 3.2 million retail jobs existed, the British Retail Consortium said in a report.
Cost pressures have risen at the same time that consumer spending has slowed and while the group said it supports the imposition of a new living wage, it warned the government is underestimating the fallout on hiring. J Sainsbury Plc has been cutting about 800 jobs as Britain's main supermarkets ward off competition from discounters.
Higher labor costs and more expensive leases will lead companies to expand in digital retailing, the report said.
BLOOMBERG
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Slowing global economy to mean smaller revenue bump in Australian budget
Emerging-market optimism dashed by Fed as currencies, bonds sink
France's Macron set to press China's Xi on trade, Ukraine
Israeli Cabinet votes to shut down Al Jazeera’s local operations
Ukraine eases some wartime capital controls for businesses
Labour mayor wins cap triumphant election run for Starmer