The UK could face a “tsunami” of shop closures this autumn, with owners faced with repaying £1.7bn in debt, Bill Grimsey, the former boss of Wickes and Iceland, says. His latest report into the future of High Streets says small shops survived the pandemic by taking on government-backed loans that would not normally have been granted, based on their finances. The review calls for the government to write off some debt. The Treasury says it’s already providing further support and flexibility in loan repayment.

Source: BBC

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