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

EU mulls imposing tariffs on Cambodian garments

Apparel/Garments | On 12th Nov 2018

EU mulls imposing tariffs on Cambodian garments

The European Union is mulling over imposing tariffs on Cambodian...

Courtesy: Lenzing

Textiles | On 12th Nov 2018

Lenzing reports solid result in FY18 first half

Lenzing's strategic orientation with a focus on specialty fibres has...

Courtesy: Invista

Textiles | On 12th Nov 2018

Invista’s Texas site sets adiponitrile production record

Invista’s site in Orange, Texas, has set a 12-month production record ...

Interviews View All

Divyesh Mashruwala, Akshar Industries

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Top executives, Textile industry

Top executives
Textile industry

GST has levelled the playing field to an extent

Headhonchos, Indian fashion industry

Headhonchos
Indian fashion industry

Cotton consumption will keep growing in the Indian fashion industry

Franco Ravazzi,

Franco Ravazzi

Italy-based Tessimenti E Orditi Tinti (T.O.T SRL) specialises in stocking...

Tina Antoniades,

Tina Antoniades

India-headquartered Lulu & Sky is a rapidly escalating brand with the...

Pratik Agarwal,

Pratik Agarwal

Breya is a brand of Indo-Western clothes for women owned by ABP Apparels...

Chunyi Zhi, City University of Hong Kong

Chunyi Zhi
City University of Hong Kong

<div><b>Chunyi Zhi</b>, associate professor in the Department of Materials ...

Melissa Tate, University of New South Wales

Melissa Tate
University of New South Wales

<div><div><div><div><b>Melissa Tate</b>, a well-known scientist currently...

Andreas Lukas, Andritz Nonwoven

Andreas Lukas
Andritz Nonwoven

With forces in engineering and process development, Andritz Nonwoven...

Madhu Jain, Madhu Jain

Madhu Jain
Madhu Jain

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

Nisha Chanda, Whistling Woods International School of Fashion

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Aditi Somani, Aditi Somani

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts 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


November 2018

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

news category


Related Categories:

Advanced Search