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01/09/2009
Unemployment 'Recession Backlash' Due Next Year
UK retailers could feel the worst effects of the recession next year, according to a new report.
Accountants and business advisers BDO Stoy Hayward said a downward turn in High Street sales could be prompted by rising unemployment across the country.
The report suggested more than 5000 shops will shut in 2010, 400 more than predicted for this year.
The firm's Retail Business Restructuring Partner Tony Nygate told Reuters: "Unemployment has risen less than the economic contraction originally suggested, with a flexible labour market allowing employers to reduce hours and wages rather than make redundancies."
He said these factors had helped maintain retail spending amidst the recession, which has been crucial in stopping many more retailers from going bust.
"However retailers can expect the worst of the recession to hit in 2010 when rising unemployment and structurally lower consumer credit will dampen prospects," Mr Nygate said.
(PR/BMcc)
Accountants and business advisers BDO Stoy Hayward said a downward turn in High Street sales could be prompted by rising unemployment across the country.
The report suggested more than 5000 shops will shut in 2010, 400 more than predicted for this year.
The firm's Retail Business Restructuring Partner Tony Nygate told Reuters: "Unemployment has risen less than the economic contraction originally suggested, with a flexible labour market allowing employers to reduce hours and wages rather than make redundancies."
He said these factors had helped maintain retail spending amidst the recession, which has been crucial in stopping many more retailers from going bust.
"However retailers can expect the worst of the recession to hit in 2010 when rising unemployment and structurally lower consumer credit will dampen prospects," Mr Nygate said.
(PR/BMcc)
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