Rate of UK shop closures expected to rise after budget tax changes – report

More than 12,800 stores shut in 2024, down on 2023, but extra costs expected to take toll this year, study suggests

The UK's high streets are expected to empty out at a faster pace this year as extra costs imposed on businesses by Rachel Reeves are blamed for shops closing and a slowdown in chain store openings.

The rate of store closures is forecast to rise again as a result of the chancellor's tax-raising budget last October, after a slowdown to 10 a day last year from 13 a day in 2023, according to research.