Retailers have endured a perfect storm of political factors this year that have added to the challenges of doing business.

Brexit, the living wage, the apprenticeship levy and a lack of significant action on business rates have all weighed heavily.

Britain’s shock decision to leave the EU is likely to have the most long-term impact.

The collapse in the pound against the dollar sparked most concern and though sterling has recovered of late, the drawn-out nature of Brexit negotiations is likely to cause continued uncertainty.

While plenty of retailers are hedged against major currency swings, the clock is ticking on many of these arrangements.

Fashion retailers, in particular, that rely extensively on sourcing product in US dollars are especially vulnerable.

The knock-on effect will be higher prices, with fashion giant Next warning its prices could rise by up to 5% next year.

Aside from Brexit, retailers have grappled with an increase in the minimum wage, which the Government has re-badged the national living wage.

Tesco, M&S and B&Q were among those that came under fire for changes to their pay structures, regarded by some as a way to soak up some of the extra cost.

From next April, the new rate will be £7.50 for over 25s, Chancellor Philip Hammond confirmed in his first and final autumn statement.

West End retailers in particular remained frustrated by the Government’s lack of reform on business rates.

A shift to bring down the cap on transitional rate relief by Hammond did little to appease London retailers that also face a major hike in their bills from April after the revaluation process.

The industry also remains concerned about the cost and implementation of the Government’s Apprenticeship Levy, which kicks-in next April.