Britain's luxury sector could lose up to $8.9 billion in exports a year if the UK crashes out of the European Union without a deal
Britain's luxury sector, including names such as fashion house Burberry and car maker Bentley, could lose up to $8.9 billion in exports a year if the world's fifth largest economy crashes out of the European Union without a deal, research commissioned by the sector indicated.
The United Kingdom's tortuous crisis over EU membership is approaching its finale with an extraordinary array of options including a delay, a last-minute deal, a no-deal Brexit, a snap election or even another referendum. Research commissioned by Walpole, the lobby group for the luxury industry, indicated that up to a fifth of British luxury exports would be at risk if the United Kingdom left without a deal on March 29.
"British luxury businesses are committed to staying in Britain, but we are losing patience with the government taking us to the knife edge of no-deal," said Helen Brocklebank, the CEO of Walpole. "The cost to the UK economy in lost exports from British luxury will be nearly 7 billion pounds and we believe that money should be used to strengthen the country not diminish it.Walpole's counts 250 luxury brands amongst its membership, including Alexander McQueen, Burberry, Bentley, Claridge's, Dunhill, Harrods, Glenmorangie, Net-A-Porter, Rolls-Royce Motor Cars and Wedgwood.
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