Budget spells gloom on the high street

The British Retail Consortium says says sales figures for the last three months of 2024 barely increased on those of 2023, making it a miserable end to a troubled year. But while few in the retail trade will mourn the passing of 2024, there are few signs that the coming year will be any easier.

A survey of 4,800 firms found business confidence has slumped since Labour's first budget in the autumn, with 55 per cent expecting prices to increase over the next three months.

British Retail Consortium chief executive Helen Dickson warns the extra costs arising from the Budget 'will likely push up prices and cut investment in stores and jobs, harming our high streets'.

This is troubling indeed. Take a look at most of our high streets: boarded-up buildings, charity shops, and down-at-heel takeaways are increasingly the norm. While large cities such as London, Birmingham, Liverpool or Leeds may be able to weather the storm, the middle-ranking towns that dominate this region are in a full-blown struggle for survival.

The past 20 years have seen the loss of countless retailers we thought would be around forever: Woolworths, Littlewoods, BHS, Debenhams and Wilko, to name but a few. If this trend continues, it is hard to see what will be left.

In the run-up to the General Election, Labour rightly spoke of the need to revive our high streets, saying they were more than just places to shop and work, but were crucial to our local identities.

It is time that the Government took steps to make good on that promise.