Half a million jobs at risk as high street giants fold on Tories’ watch
ALMOST 600 high street giants have gone bust under the Tories, affecting 30,000 shops and putting nearly half-a-million jobs at risk.
Figures show 586 chains have plunged into administration since 2010, including huge names such as Peacocks, Edinburgh Woollen Mill, Debenhams and Oddbins.
The Centre For Retail Research says 29,959 stores have been affected by failing retailers, with 460,038 staff put at risk of joblessness.
The statistics – which come as the owner of Ted Baker this week called in administrators, putting 1000 jobs at risk – make a mockery of the Tories’ 2019 manifesto pledge to protect the British high street.
Labour shadow business minister Justin Madders said: “Anyone doing a quick visit into most town centres will see that rather than levelling up the country, large parts have gone backwards under this government.
“Labour has a plan to tackle the empty shops blighting our town centres and to bring life and pride back to people’s local communities.” Some 12,500 jobs were lost in the first two months of this year alone.
When cut-price homeware chain Wilko ran out of cash last year, business minster Kevin Hollinrake insisted the British high street was not “dead” but “reshaping itself ”.
Lib Dem Treasury spokesperson Sarah Olney said: “The Conservatives have let small businesses down badly and taken them for granted.”
Professor Joshua Bamfield, of the Centre for Retail Research, said: “Unless more is done to balance the disparity between taxation on shops and online businesses, we can expect further store closures and companies going out of business.”
A government spokesman said: “Revitalising high streets is a major part of our levelling-up agenda.
“That’s why we recently announced our £ 1.5billion long- term plan for towns, putting more power in the hands of local people to build a brighter future for their community.”