The UK’s high streets are expecting a faster pace of store closures this year, with extra costs imposed on businesses by Rachel Reeves being blamed for the closures and a slowdown in chain store openings. The rate of store closures is predicted to increase due to the chancellor’s tax-raising budget in October. However, despite significant chain store closures, the overall picture for UK high streets slightly improved in 2024, with net closures being the second lowest in a decade. Approximately 12,800 stores closed in 2024, and nearly 9,000 opened. The study did not provide specific forecasts for 2025 but predicts that rising costs, including higher minimum wage is likely to accelerate store closures.

Source: https://www.theguardian.com/business/2025/mar/20/rate-uk-shop-closures-rise-after-budget-tax-changes-report