Why are UK retailers cutting jobs?

UK retailers are cutting jobs and hours in 2026 because labour costs have grown a lot. Costs rose by around £5 billion from higher wages and taxes. Many firms now reduce hours or staff to save money. Retail job numbers also fell by 74,000 in the past year.

What is the UK unemployment rate now?

As of February 2026, the UK unemployment rate is about 5.2%, the highest in nearly five years. Payrolled employment has also fallen while vacancies decline, showing the jobs market is weakening.

How do retail cuts affect young workers?

Retail cuts hit young workers hardest. Youth unemployment for those aged 16–24 has reached around 16.1%, one of the highest in over a decade. This makes it harder for young people to find jobs or hours.

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