The Chancellor has overseen a number of tax raids so far during her tenure (Image: PA )

       Scores of UK businesses could face closure due to a "triple whammy" of soaring costs including the Chancellor's hike in National Insurance.

       The National Pharmacy Association (NPA) said the 6,000 independent community pharmacies they represent are under threat as financial pressures mean each business is facing a shortfall of around ￡100,000 per year.

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       According to the NPA, rising costs looming in April from Rachel Reeves' National Insurance hike could lead to vital prescription outlets closing as they struggle under a ￡250 million funding crisis.

       GB News reports industry experts believe many pharmacies are already "hanging on by their fingernails" even before the round of tax increases hits employers in around a month's time.

       Nick Kaye, the chairman of the NPA, said: "Pharmacies face a financial cliff edge at the beginning of April, with a triple whammy of rising National Insurance, National Living Wage and business rates all arriving at once."

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       "At the moment, they still have no certainty if any of these costs will be met by the Government, despite assurances for other parts of the health system including our GP colleagues," he added.

       And Dr Nick Thayer, head of policy at the Company Chemists' Association, explained: "Each pharmacy in England now faces an annual funding shortfall of at least ￡100,000."

       Pharmacies are facing pressure to balance the books because the funding they receive for dispensing medications has remain unchanged, despite rising drug costs and other business bills.

       It's reported over 1,200 pharmacies have closed their doors since 2017, with a higher rate closing in more deprived areas.

       The NPA has now held a historic ballot of members which found 99.7% would support collective action to address the funding imbalance from the Government.

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       It's feared the new taxes could force pharmacies to close (Image: PA)

       Yorkshire-based pharmacist Ashley Cohen told the Independent he had been forced to borrow ￡125,000 last year just to keep his three pharmacies operating.

       He said: "This year alone, I've had to borrow an extra ￡125,000 to keep me going, and that is just for my small group of pharmacies."

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       Mr Cohen warned of a potential "tsunami of closures" across the UK, adding: "There will come a point where I can't keep borrowing, remortgaging the house, raiding pension pots or putting money into a business or a profession that isn't being valued."

       A Department of Health and Social Care spokesperson said: "Community pharmacy has a vital role to play as we shift the focus of the NHS out of hospitals and into the community, through our 10-year health plan.

       "We will work with the sector, making better use of the skills of pharmacists and pharmacy technicians, to build a service fit for the future."