The impact of Rachel Reeves' recent budget is set to cost British high streets around £3billion in lost Christmas spending as people cut back on their festive funds Rachel Reeves' budget it set to cost UK high streets billions (Image: Getty Images)

The Budget is set to cost high streets £3billion in lost Christmas spending as shoppers cut back following a muted Black Friday and Cyber Monday weekend.

One in two Brits plan to reduce festive expenditure , and almost half will visit hospitality venues less, polls show.

The impact of Rachel Reeves’ tax raids and economic woes mean spending up to December 25 will be several per cent lower than in an upbeat financial environment, said authors of the UK’s most comprehensive Christmas retail study.

Even just three per cent lower spe

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