The British high street crisis is due to debt, not Brexit

Wage stagnation and austerity have left consumers too poor and indebted to allow stores to generate profits. 

In 2018, the British high street endured its worst Christmas since the global financial crisis of 2008. Figures released by KPMG, which audits many of the firms in the survey, show that December retail sales fell by 0.7 per cent on the previous year. This follows a dismal 2018 for the high street, a year when shops on Britain’s top 500 high streets were closing at a rate of 14 per day.

Much of this reflects greater competition from online retailers. Many consumers have...
source: New Statesman

2019-01-11 11:33
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