It has emerged that the retail industry faces 200,000 job cuts in 2021. These predictions have come after 320 shops closed in the UK every week in 2020 as the high street saw its worst year for a High a quarter of a century.
Many retailers are experiencing a potent mix of a cash flow crisis that is being caused by high rent payments despite being shut due to the coronavirus lockdown. Industry experts have also predicted a further shift to online shopping in 2021 as this year is expected to be ‘hugely damaging’ for physical stores.
In 2020 180,000 jobs per week on average were axed last year. This is a leap of a quarter on 2019. Even the famous Oxford Street in central London is struggling as Debenhams, Topshop, Nike and Vans are amongst some the designers either closing or selling their shops on the road.
In more positive news, the Bank of England’s Governor Andrew Bailey has said that he expects Britain’s economy would recover strongly as Britain moves ahead with vaccinating its population against COVID-19. He said, ‘I really do think that we are going to see a pronounced recovery in the economy as the vaccination programme, as it is doing now, rolls out,’ Bailey said.
The Bank of England is due to publish new growth forecasts on the 4th of February. A report will sit alongside this on the feasibility of cutting interest rates below zero to boost growth. On this issue Bailey has said: ‘We have not taken any decision, in fact we’ve not actually discussed whether or not to introduce negative rates. We do not know, with any confidence, how that would work’.
Current Affairs Correspondent | My name is Oliver Down I am 22, and a staunch brexiteer. I am a Bristolian lad who studied politics in Leicester. I believe in free speech and accurate journalism and I won’t be afraid to give you “the other side” of the story!
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