The no-deal Brexit debate keeps on raging in London. Fashion also joins the mix now. The British Fashion Council (BFC) has, as a matter of fact, filed a lawsuit against Boris Johnson’s government (in photo). The issue: to denounce the negative impact that British fashion will be hit with, if there is a no-deal Brexit scenario.
The concerns are many, millions and millions
A scenario that would cost the United Kingdom’s fashion industry between 850 and 900 million UK pounds. The segment’s value as of today: 32 billion pounds. According to what reported by Drapers, BCF is asking whether the additional costs will be paid by companies or by consumers. And more: what will happen to the samples travelling between countries, the logistics, the shipments and any fiscal matter?
The impact on labor
British Fashion Council is also concerned for the future modifications of the immigration system. More in general, the attention is focused on the fluxes of immigrants that work within the fashion system of the United Kingdom. Specifically, the BFC mentions those with lower pay, because they would encounter the most difficulties in terms of relocation and ability to get a work visa for the United Kingdom.
Find an agreement, right away
BFC is calling for the government to find an agreement with Brussels. Moreover, London’s fashion is also asking for funds to incentivize its businesses’ competitivity. And last, it asks the government to consider all possible scenarios, their consequences on the fashion industry, and thus create contingency plans to “mitigate this new challenge”.
Meanwhile, in Paris…
London’s difficulties with a no-deal Brexit? Paris (among others) is also benefitting from the situation. On the other hand, the country’s real estate segment is already benefitting from the current unrest. The Les Echos writes on how many bankers, financiers, and managers of big companies have already put their London’s house up for sale to buy one in France. The end of the Gilet Jaunes’ protest is another element that favors Pairs at this time, also under a retail point of view.