High Street Woes Continue Amid Brexit Uncertainty

  • 18,722 retail jobs lost or at risk since Christmas day
  • Oddbins, Patisserie Valerie, Greenwoods, tReds and HMV have entered administration
  • Tesco and M&S announced thousands of job cuts
  • Business rates for medium and large premises in England to rise by 2.4% on April 1st
  • Retail sector faces challenges due to rising costs, subdued consumer confidence, and increased online spending

Since Christmas day, 18,722 retail jobs have been lost or are at risk due to various factors including administration of companies like Oddbins, Patisserie Valerie, Greenwoods, tReds, and HMV. Tesco and M&S have also announced job cuts. The standard tax rate for medium and large premises in England will rise by 2.4% on April 1st, adding £127m to the retail sector’s ‘rates burden’. Robert Hayton of Altus Group warns that high street businesses face challenges from rising costs, subdued consumer confidence, and increased online spending while dealing with Brexit uncertainty.

Factuality Level: 8
Factuality Justification: The article provides accurate and objective information about the challenges faced by retailers in the UK, including job losses, business closures, and increasing tax rates. It also includes expert commentary from Robert Hayton on the impact of Brexit uncertainty and calls for action in the upcoming Spring Statement.
Noise Level: 3
Noise Justification: The article provides relevant information about the challenges faced by retailers in the current economic climate and the impact of business rates on their operations. However, it could benefit from more analysis or context to provide a deeper understanding of the long-term trends and potential solutions.
Financial Relevance: Yes
Financial Markets Impacted: High street retailers and businesses
Financial Rating Justification: The article discusses job losses in various retail companies, business rates impacting retail sector, and calls for a freeze on rate rises in the Spring Statement. These topics are related to financial matters and can affect stock prices of affected companies.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no mention of an extreme event in the last 48 hours.

Reported publicly: www.retailsector.co.uk