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BFC urges UK Govt to avoid a no-deal Brexit scenario
04 Sep '19
2 min read
Pic: Shutterstock
The United Kingdom should avoid a no-deal Brexit scenario as the possibility of that continues to have a negative impact on the fashion industry, the British Fashion Council (BFC) recently emphasised. BFC urged the government to seek a deal with the European Union (EU) that would guarantee the healthy and steady growth of the fashion industry.
It also requested 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, according to a BFC press release.
Based on the 2018 export figures of the UK Fashion & Textile Association, it is estimated that switching to World Trade Organisation (WTO) rules would cost the fashion industry between £850 and £900 million.
Ahead of London Fashion Week this month, the BFC held a seminar for designers specifically around preparing for a no-deal Brexit, helping them identify the risks and challenges to their business and help them prepare for WTO rules in the event of no deal being reached by October 31.
The main trade concerns of BFC in case of a no-deal scenario include lack of clarity on who—the businesses or the consumers—will take on the additional costs; understanding of shipping time frames; no clarity on what will happen to travelling samples and what paperwork will be needed; value-added tax issues; and the impact to logistics systems. (DS)
It also requested 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, according to a BFC press release.
Based on the 2018 export figures of the UK Fashion & Textile Association, it is estimated that switching to World Trade Organisation (WTO) rules would cost the fashion industry between £850 and £900 million.
Ahead of London Fashion Week this month, the BFC held a seminar for designers specifically around preparing for a no-deal Brexit, helping them identify the risks and challenges to their business and help them prepare for WTO rules in the event of no deal being reached by October 31.
The main trade concerns of BFC in case of a no-deal scenario include lack of clarity on who—the businesses or the consumers—will take on the additional costs; understanding of shipping time frames; no clarity on what will happen to travelling samples and what paperwork will be needed; value-added tax issues; and the impact to logistics systems. (DS)
Fibre2Fashion News Desk – India
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