High Street struggles a real disaster

THE disappearance of High Street retailers in the last year is a true economic and social disaster for town centres such as Cheltenham.

John Lewis may be safe, but many other well-known names have closed on the High Street and The Promenade.

The financial knock-on effects may be irreparable.

The Government will receive less VAT because on-line retail is often based on lower prices which may be good for the consumer but not for the wider economy and the funding of public services.

Major on-line retailers such as Amazon are often based in low-tax locations and pay significantly less corporation tax than they should.

Again, this impacts on our ability to pay for the welfare state, education, and the health service.

Locally the business rates which local authorities collect will be reduced, impacting on services provided by the Borough Council and the County Council.

Pension funds often invest in shopping centres such as Regent Arcade. They will be hit by loss of income, which will affect future pensions.

As fewer people visit town centres to shop, cafes, pubs, and restaurants will lose trade and close as well.

Already we can see that along The Promenade.

As town centre jobs are lost, a smaller number of warehousing jobs may increase, but they will be less attractive with a more pressurised stressful working environment.

Apart from the economic costs, social consequences will be significant, with less opportunities for social discourse and interaction, and increasing isolation for many.

There are three important questions to answer.

What will we do with all the empty buildings? As the Government will have less money, how will all the services we depend on be financed? Where will the replacement jobs come from?

We face a difficult future. We must evaluate the ongoing impact of digital technology and culture, and the massive monopolies it has created, upon our economic and social wellbeing, and its relevance in a sustainable economy.