News World Britain's luxury sector warns of $8.9 billion loss from no-deal Brexit

Britain’s luxury sector warns of $8.9 billion loss from no-deal Brexit

Britain’s luxury sector, including names such as fashion house Burberry and car maker Bentley, could lose up to 6.8 billion pounds ($8.9 billion) in exports a year if the world’s fifth largest economy crashes out of the European Union without a deal, research commissioned by the sector indicated.

The United Kingdom’s tortuous crisis over EU membership is approaching its finale with an extraordinary array of options including a delay, a last-minute deal, a no-deal Brexit, a snap election or even another referendum.

Research commissioned by Walpole, the lobby group for the luxury industry, indicated that up to a fifth of British luxury exports would be at risk if the United Kingdom left without a deal on March 29. Reuters saw excerpts of the research.

“British luxury businesses are committed to staying in Britain, but we are losing patience with the government taking us to the knife edge of no-deal,” said Helen Brocklebank, the CEO of Walpole.

“The cost to the UK economy in lost exports from British luxury will be nearly 7 billion pounds and we believe that money should be used to strengthen the country not diminish it. We urge the government categorically to rule out no-deal exit.”

Walpole’s counts 250 luxury brands amongst its membership, including Alexander McQueen, Burberry, Bentley, Claridge’s, Dunhill, Harrods, Glenmorangie, Net-A-Porter, Rolls-Royce Motor Cars and Wedgwood.

The bulk of the damage would be due to changes to market access driven by tariff and non-tariff measures, for example, regulations such as health and safety requirements or environmental standards, according to the research.

About 80 percent of Britain’s luxury goods go overseas, and Europe is its largest market.

Prime Minister Theresa May was scrambling on Monday to clinch concessions from the European Union in a last-ditch attempt to avoid another humiliating defeat in parliament of her deal to exit the bloc.

May has offered lawmakers the vote on Tuesday on what she had hoped would be a revised deal.

If her deal is defeated, May has said she will give lawmakers a vote on Wednesday on leaving without a deal on March 29. If they reject that, then they will vote on Thursday on delaying Brexit.

(Reuters)

Top Stories

Bad loans in Cyprus down 5.7% at the end of June 2020

Α further decrease of €381 million or 5.7% was recorded in aggregate NPLs compared with the end of June 2020. According to an announcement by...

Meteorology Department issues yellow warning for heavy thunderstorms

The Department of Meteorology issued today a yellow level thunderstorm warning for this evening and the early hours of Tuesday morning. The warning is valid...

Criminal prosecution of case of alleged homeless scam suspended

The three defendants in the case of the alleged homeless scam, today appeared before the Limassol’s Assize Court. The counsel for the prosecution said...

Increased number of messages to 8998

According to data released by the Ministry of Research, Innovation and Digital Policy, the number of SMS requests sent by Cypriots during the weekend...

Vaccine appointments all booked in 30 minutes

The portal for the registration of people over 80 for vaccination, opened this morning at 09:00, however all appointments were booked in 30 minutes. According...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...