What will a no-deal Brexit mean for the British fashion industry?
With the whole Brexit saga that's been on-going for the last two years, the British Fashion Council has come out an issued a statement on what exactly it will mean for the British fashion industry.
In a statement sent to Esquire Middle East, the British Fashion Council (BFC) has emphasised that a no deal Brexit is a scenario that should be avoided.
"The reality that a no deal could still happen, continues to have a negative impact on our industry. Based on export figures from 2018 it is estimated that switching to World Trade Organisation (WTO) rules would cost the fashion industry between £850 and £900million* (source: UK Fashion & Textile Association)."
As an industry worth £32billion to the UK GDP and employing more than 890,000 people – almost as many as the financial sector, they have urged the government to:
- seek a deal with the EU that would guarantee the healthy and steady growth of the fashion industry
- give access to funding that would help create stimulus that will ensure British designer businesses continue to remain competitive internationally through trading agreements, access to finance, free movement of talent and support for promotion advise on all the different scenarios and translate them into what they mean to the fashion industry and the best way to navigate global trade challenges
Ahead of London Fashion Week September 2019, the BFC held a seminar for designers specifically around preparing for a no deal Brexit, helping them identify the risks and challenges to their business and help them prepare for WTO rules in the event of no deal being reached by 31st October 2019.