The British textile industry future is strictly interconnected with the future of Brexit and the trade deal that the nation will make with the European Union (EU). Little information is available and the scenario post Brexit it is not yet defined, however it seems clear that British textile will be impacted by the sort of it.
According to the chief executive of analyst Retail Economics, Richard Lim, ‘Hard Brexit — where existing trade deals disappear, and designers, retailers and manufacturers would have to pay to trade with the EU — would mean clothing and footwear tariffs of about 11 per cent, or just over £1 billion more each year.’ Another option would consist in sign a free trade agreement which however would have impact on businesses, leaving them with no plans. Finally, another possibility is to reach a new deal which will allow the UK to remain part of the customs union, which seems unlikely to happen.
The scenario is not yet defined, nevertheless it seems clear that the price of British products will plausibly increase as a consequence of tariffs and new legislations. The exodus of European also will have an impact on the sector as ‘more than 10,000 European staff work in the British fashion industry’.