Cold start to year as high streets lose pubs, shop and restaurants

HUNDREDS of shops, restaurants, cafes and pubs were forced to close last month with thousands of jobs lost as the cost-of-living crisis continued to bite.

- Jon Coates, Dominik Lemanski

Latest figures from the Centre for Retail Research show 305 stores shut down. Some 7,636 high street staff were made redundant.

On top of this, up to 500 hospitality businesses are estimated to have gone bust last month, with the loss of thousands more jobs.

It follows the Bank of England’s decision to raise interest rates for the 10th consecutive time on Thursday, from 3.5 per cent to four per cent, piling further pressure on mortgage payers and businesses struggling to pay off loans.

Kate Nicholls, chief executive of UKHospitality, said: “This level of venue closures is the stark reality of the rapidly rising costs businesses have experienced.”