British Fashion Council says no-deal Brexit could cost fashion industry up to £900m in one year
‘We urge the government to seek a deal with the EU that would guarantee the healthy and steady growth of the fashion industry’
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Your support makes all the difference.The British Fashion Council (BFC) has said a no-deal Brexit scenario could cost the fashion industry between £850 and £900m in one year.
The estimation is based on export figures from 2018, which show that abiding by World Trade Organisation rules would drastically increase annual tariff costs for retailers and fashion designers.
According to the BFC, the UK fashion industry is worth £32bn and employs almost as many people as the financial sector. As a result, the organisation has released a statement urging the UK government to protect the industry and its workers.
“We urge the Government to seek a deal with the EU that would guarantee the healthy and steady growth of the fashion industry,” it begins before calling for funding that would help British designers to remain competitive overseas through trading agreements.
The statement also urges for the government to “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”.
The organisation’s statement comes two weeks ahead of London Fashion Week, which begins on 13 September.
Ahead of the biannual trade event, the BFC hosted a seminar for British designers to help them identify the potential risks and challenges in the event of a no-deal Brexit.
The BFC has previously spoken out against the consequences of a no-deal Brexit, having released a statement in January describing it as a scenario “that should be avoided at all costs”.
“The ongoing uncertainty and confusion that a no deal creates will have a negative impact on our industry, where investment is already impacted from the uncertainty being faced,” it read before urging for a second referendum vote, which it labelled “the preferred option”.
The statement continued: “A no-deal situation will result in no transition period, and with an industry that is predominantly small-medium enterprises, we would struggle to cope with the trade realities that it would bring.”
In March, Adam Mansell, CEO at the UK Fashion and Textile Association, explained that some UK fashion companies were already being treated as if they were not within the EU. “People in the industry aren’t placing orders and goods are being stopped at borders,” he told The Independent.
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