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Brexit Affect: UK textile industry under threat

"Employing over 556,000 people, the UK textile industry is going to be impacted by Brexit. British manufacturers create products worth £9 billion a year, from Savile Row suits to highly technical fabrics used in sectors such as aerospace, the medical and the military. Falling value of Sterling has increased import prices of yarn and thread by 12 per cent since the EU referendum, while finished clothes are around 15 per cent more expensive to import than they were last summer."

 

 

Brexit 2

 

Employing over 556,000 people, the UK textile industry is going to be impacted by Brexit. British manufacturers create products worth £9 billion a year, from Savile Row suits to highly technical fabrics used in sectors such as aerospace, the medical and the military. Falling value of Sterling has increased import prices of yarn and thread by 12 per cent since the EU referendum, while finished clothes are around 15 per cent more expensive to import than they were last summer. This is squeezing the UK fashion industry and clothing retailers, with costs expected to be passed on to consumers in coming months. There is also a fear of British brands becoming uncompetitive in the light of gloomy political scenario.

UK textile industry under threat of BREXIT

 

Liberal Democrat Europe Spokesman Nick Clegg point out fashion and textiles industry, like so many parts of the economy, finds itself unable to plan for the future as a result of Theresa May’s self-destructive decision to leave the single market. It is only a matter of time before these increased costs are passed on to consumers. The Brexit squeeze on this sector of our economy is going to felt on everything from suits to duvets.

A reality check

In areas such as London where there are 13,650 manufacturing employees, making clothing for both the high-end and the high street, it has been estimated that 70 per cent of the workforce is from the EU. Free movement of goods across the EU is also vital to maintain competitiveness. A typical garment will have fabric sourced from a EU country, hardware from another, all shipped to another country to be manufactured and then back to the UK to be warehoused and shipped worldwide. Taking the UK out of the single market and customs union could see more goods created in the EU, warehoused in the EU and shipped from the EU, which in turn could see more offices established in the EU and jobs created in the EU.

 
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