Rolling coverage of the latest economic and financial news

• Boxing Day footfall down on UK high streets despite discounts

Begbies Traynor also reports that an additional 28,747 retail businesses in the UK are in ‘significant’ financial distress – less severe than ‘critical’, but still concerning.

Begbies Traynor partner Julie Palmer says:

“As we look ahead to 2025, the outlook is very mixed.

While some retail businesses are adapting to these pressures, many others remain vulnerable, especially in the face of rising wages, online competition from the likes of Temu and Shein, and fragile consumer confidence. With mounting challenges on the horizon, weaker businesses are likely to find little joy as we enter the New Year.”