The idea is great, but I think the practicalities would probably make it impossible for smaller UK shops. Where does the shop store the empties, etc. Fleets of vans going to every corner shop in the country to pick up empties would probably knacker any green benefits. Fortnightly recycling collections from home just seems to work better.
But it can work. This law was being passed just when we left the US, and aside from its loopholes has resulted in much more drinks bottle/can recycling in the state where it applies:
Massachusetts Bottle Bill - Wikipedia