;
Home / Knowledge / News / Textiles / UK economy is 2% smaller than it would be sans Brexit: UBS

UK economy is 2% smaller than it would be sans Brexit: UBS

10
Sep '18
The British economy is 2 per cent smaller, investment 4 per cent lower and consumption 1.7 per cent reduced than it would have been without a Brexit vote, according to research by Swiss multinational investment bank and financial services company UBS. Inflation is also 1.5 per cent above where it would have been, partly caused by higher costs of imports.

The real effective sterling exchange rate, or the value of the pound in terms of other currencies and relative to the price of goods, is 12 per cent depreciated, a top British newspaper reported citing the study.

Though the hit to gross domestic product (GDP) is higher than predicted by many at this stage, it is to be expected for some costs to begin before the United Kingdom officially leaves the European Union (EU), according to UBS.

As UK firms are likely facing a sharp increase in tariffs and non-tariff barriers, they may start hitting the brakes, i.e. scale back employment and investment decisions as uncertainty mounts, the study added. (DS)

Fibre2Fashion News Desk – India


Must ReadView All

Vietnam targets $ 40 bn in textile-garment exports in 2019

Apparel/Garments | On 22nd Jan 2019

Vietnam targets $ 40 bn in textile-garment exports in 2019

The Vietnam Textile and Apparel Association (VITAS) has set a target...

Myanmar RMG units exporting to EU rose by 180 in 5 yrs

Apparel/Garments | On 22nd Jan 2019

Myanmar RMG units exporting to EU rose by 180 in 5 yrs

The number of readymade garment (RMG) factories in Myanmar that...

India to soon have own standard for apparel size: minister

Apparel/Garments | On 21st Jan 2019

India to soon have own standard for apparel size: minister

India will soon roll out a size project for Indian apparel on the...

Interviews View All

Awen Delaval, Samatoa

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Karan Toshniwal, Orange O Tec

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Karin Ekberg, Leadership & Sustainability

Karin Ekberg
Leadership & Sustainability

Sustainable models are beneficial for brands, retailers and manufacturers

Luciano Sardini,

Luciano Sardini

A consolidated reality in Italy and internationally, IMA Spa is well-known ...

Apurva Kothari,

Apurva Kothari

No Nasties was the first fashion brand in India to make 100 per cent...

Sarah Perkins,

Sarah Perkins

Fairfax, Virginia-based Specialty Graphic Imaging Association (SGIA) is a...

Justin Gutierrez, INDA

Justin Gutierrez
INDA

The Association of the Nonwoven Fabrics Industry (INDA) has created a new...

Wolfgang Plasser, Lenzing AG

Wolfgang Plasser
Lenzing AG

The Lenzing Group is an international company headquartered in Austria...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, the Association of the Nonwoven Fabrics Industry, serves hundreds of ...

Sidharth Sinha, Sidharth Sinha

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Jay Ramrakhiani, Occasions Elegance Wear

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Robert Brunner, Devereux

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

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 2019

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

news category


Related Categories:

Advanced Search