Shop giants' warning: 'perfect storm' of red

'We will see the shutters closed for ever on thousands of shops'

-  Martyn Brown

MAJOR stores have warned Rachel Reeves that 300,000 retail jobs could be axed by 2028.

In a huge blow to the Chancellor's plans to revive high streets and town centres, firms, including Marks & Spencer, Sainsbury's and Tesco, said one in 10 workers risk losing their job in the next three years.

Campaign group the Retail Jobs Alliance, whose members include Asda, Primark, B&Q owner Kingfisher and Morrisons, warned that a "perfect storm" of higher costs and red tape has put the industry's future in jeopardy.

And the real picture will be worse - the forecast was made before Ms Reeves's Budget raid on employers' National Insurance.

Morrisons chief executive Rami Baitieh said: "Supermarkets are grappling with rising costs and steep taxes. Now we face the prospect of even higher business rates.