Effects Of The Brexit On The Fashion Industry In The UK

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In the United Kingdom, the creative sector as a whole represented £87 billion to the economy and employed 130 000 EU nationals in 2016. The Fashion industry hires 880 000 people making it the fourth highest employer of EU nationals within the creative industry (Grace Cook, 2017 ). This industry was worth on its own £26bn to the UK’s economy in 2014 and £28bn in 2015 . On the 14th June 2016, the British Fashion Council released their survey results about the Brexit Referendum. Almost 500 designers were contacted, 290 responded. With 90% in favour of Remain, 4.3% for Brexit, 2.4% undecided and 2.8% that stated they wouldn’t vote, these results sent a clear message . Nine days later, on June 23, Britain voting to leave by 51.9% was a breaking news . As soon as it was announced the pound “plummeted to its lowest level against the dollar in 31 years in reaction to the shocking referendum result” (Limei Hoang, 2016 ). On the 29th of March 2017, Theresa May, finally signed the letter invoking Article 50 of the Treaty of Lisbon – meaning the decision to withdraw UK from the EU. What effects could the Brexit have on the Fashion industry in the UK? A. Devaluation of the Pound 1. Cost of manufacture This concerns brands as well as manufacturers. Many British fashion brands produce their products in China, India, Turkey, Italy and others where they pay in dollars or euros will have to pay more. And even if it’s manufactured in the UK, almost all the components (wool, leather,
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