Home / Knowledge / News / Textiles / No-deal Brexit would drop output, UK firms caution: survey

No-deal Brexit would drop output, UK firms caution: survey

13
Dec '18
No-deal Brexit would drop output, UK firms caution: survey
British businesses expect a sharp drop in output if the United Kingdom leaves the European Union (EU) next year with no deal and no transition, according to a recent Bank of England (BoE) survey. The output of companies would drop between 2.5 and 6.9 per cent over the next 12 months under such a scenario, the October-November survey covering 369 firms suggested.

Output could rise between 0.8 per cent and 2.7 per cent if a deal and transition period were agreed, a news agency reported citing the BoE survey.

Prime Minister Theresa May’s Brexit plan has been agreed with the EU but faces deep opposition in parliament where it faces a vote on December 11.

Just under a third of firms had made changes to their plans preparing for Brexit, such as setting up new legal entities or altering their supply chains, BoE said. Other companies were cautious about spending to prepare for Brexit until it was needed.

The BoE said recently that the United Kingdom may suffer an even bigger hit to its economy than during the global financial crisis 10 years ago if it leaves the EU in a worst-case Brexit scenario. (DS)

Fibre2Fashion News Desk – India


Must ReadView All

Pic: Shutterstock

Textiles | On 19th Jan 2021

EU strategy for textiles roadmap published

A roadmap setting out the European Union (EU) strategy for...

Pic: Shutterstock

Retail | On 19th Jan 2021

Retailers may need to alter European supply chains: Fitch

Pan-European retailers may need to adapt supply chains due to the...

Pic: Messe Frankfurt

Textiles | On 19th Jan 2021

Heimtextil, Techtextil & Texprocess postponed until 2022

Messe Frankfurt, the trade fair organiser, has announced that after...

Interviews View All

Karel Williams, Dow Microbial Control

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Amit Jain, Shingora Textiles Ltd

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Mandeep Nagi, Shades of India

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Bora Akris,

Bora Akris

Realkom, headquartered in Istanbul, is a fully integrated textile company...

Mirella Sardini,

Mirella Sardini

A leading manufacturer of automated machinery and equipment for the...

Ritu Ajbani & Neha Agarwal,

Ritu Ajbani & Neha Agarwal

Petit Royal, co-founded by entrepreneurs <b>Ritu Ajbani and Neha...

Mark Brill, Birmingham City University (BCU)

Mark Brill
Birmingham City University (BCU)

<div>A technological breakthrough could see people getting messages about...

Eamonn Tighe, Nature Works LLC

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Suresh Patel, Non Woven Federation of India

Suresh Patel
Non Woven Federation of India

The Non Woven Federation of India (NWFI), representing the regional...

Karan Arora, Karan Arora

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Cigdem Akin, Cigdem Akin

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Madhu Jain, Madhu Jain

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


January 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search