UK retailers are set to reduce staff hours and jobs due to increased employment costs and a negative economic outlook.
UK retailers are grappling with significant cost increases related to employment, prompting a large number of them to plan cuts in staff hours and job positions. A recent survey from the British Retail Consortium (BRC) indicated that approximately 61% of finance leaders in retail are considering reducing working hours or cutting overtime. Furthermore, more than half of the respondents (55%) cited intentions to eliminate head office jobs, while 42% acknowledged potential job reductions within physical stores due to these financial pressures.