Many borrowers have also been squeezed by the Bank of England, which hiked interest rates in October. The UK retail sector has lost 65,000 jobs since the Brexit referendum in June 2016 , according to recent government figures . Fuel - price rises on the back of a Brexit - weakened pound , slow wage increases and increasing online sales have hit the sector hard , experts say . IHS data also revealed spending in " brick - and - mortar " shops in November was down 3.5 % annually , the seventh - consecutive monthly contraction .
The UK retail sector has lost 65,000 jobs since the Brexit referendum in June 2016 , according to recent government figures . Fuel - price rises on the back of a Brexit - weakened pound , slow wage increases and increasing online sales have hit the sector hard , experts say . IHS data also revealed spending in " brick - and - mortar " shops in November was down 3.5 % annually , the seventh - consecutive monthly contraction .