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

Pic: Shutterstock

Textiles | On 12th May 2021

Economic recovery under threat amid surging COVID cases: UN

While the global growth outlook has improved, led by robust rebound...

Pic: 2p2play / Shutterstock.com

Retail | On 12th May 2021

Retailers need to consider changes as US emerges from pandemic: NPD

Millions of new remote and hybrid-remote workers, kids returning to...

Pic: Shutterstock

Textiles | On 12th May 2021

Uzbekistan exported textile products worth $637.7 million in Q1 2021

Uzbekistan exported textile products worth $637.7 million to 54...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Social media critical in regeneration of businesses

Textile Industry, Head honchos

Textile Industry
Head honchos

Strike a balance between handmade in India and 'Make in India'

Textile Industry, Head honchos

Textile Industry
Head honchos

Money never disappears-it just finds new opportunities

Nick Isles,

Nick Isles

The Condé Nast College of Fashion & Design or CNC as it is known as,...

Sandra Sequeira,

Sandra Sequeira

The JD Institute of Fashion Technology is the educational division of JD...

Raiyan Islam,

Raiyan Islam

Founded in 1981 by Sayeeful Islam, Concorde Garments Group is a market...

Silverio Baranzano, Fitesa

Silverio Baranzano
Fitesa

Fitesa is a leader in the nonwoven fabrics industry, specialising in...

Ian Russell, Pireta

Ian Russell
Pireta

UK-based Pireta has developed a unique free-form process to add durable,...

Johann-Philipp Dilo, Dilo Group

Johann-Philipp Dilo
Dilo Group

German company Dilo Group is one of the leading equipment suppliers of...

Aprajita Toor, Aprajita Toor

Aprajita Toor
Aprajita Toor

The creations by Aprajita Toor were born out of a deep desire to create...

Sweta Tantia, Tahweave & Garo

Sweta Tantia
Tahweave & Garo

Designer Sweta Tantia owns Garo, a couture indutva or ethnicwear brand,...

Vidur Adlakha & Riccardo Bennidini, La Fuori

Vidur Adlakha & Riccardo Bennidini
La Fuori

With an active presence in US, Italy and India, clothing brand La Fuori...

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


May 2021

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


Advanced Search