Iconic family-owned shop forced to CLOSE after 30 years on high street – as owner blames Reeves’ brutal Budget

A BELOVED family shop will be closing its doors for good after conditions became “unsustainable”.

Huttons gift shop in London became a local icon after it opening in the 1990s.

But the store - in the Putney Exchange - has now been forced to close down, with its owners blaming Labour's latest budget.

Huttons, in the Putney Exchange, is a gift shop which became an iconic part of South London. 

It is known for stocking stationary, candles, gifts, ceramics and clothing from around the world. 

However, the shop has said that they were not able to survive in the current retail environment after October’s budget. 

In her budget, Rachel Reeves announced that business relief rates would be lowered and employer’s national insurance contributions would be raised. 

However, critics have argued that the budget worsened conditions for businesses.

Since businesses now have to pay out more per customer, there have been reports that many shops around the country are going bust.

Lancaster's Bakery in Harrogate closed after serving customers for 119 years.

The shop said that the "increases in employer costs" made their situation untenable.

The Bournemouth department store Beales also announced that it was unable to survive in the current financial climate.

Beales' bosses said that their closure "illustrates the devastating impact" of the rise in national insurance contributions.

Echoing those sentiments in their own statement, Huttons said: "It is with great sadness that we announce the closure of our Putney store at the end of February, after nearly 30 wonderful years.

"The recent budget has made it unsustainable for us to continue in the current retail environment.

"We want to express our deepest gratitude to all our amazing Putney customers. Thank you for your unwavering support, loyalty, and kindness over the years—you will truly be missed!

“We urge you to continue supporting Putney’s brilliant independent businesses. They are a vital part of the community and will need your support in the coming year."

At the time of the budget, the government defended its decision to raise national insurance by saying that “we’ve got to raise money to put our public finances on firm footing”. 

The budget would see an increase of almost £70 billion a year, over the current parliament, in public spending. 

Labour hopes this increased public spending will help improve public services, including the NHS, and stabilise the economy. 

In their October budget, they also raised National Minimum Wage as part of their mission to support workers. 

Members of the party have also teased a controversial four-day working week which would see workers’ hours compressed, giving them an extra day off.