#BREXIT- What Does it Actually Mean for The UK Fashion Industry?

Thursday 23rd June brought the news that the United Kingdom had chosen to leave the EU. A seismic decision that will affect not only our generation but many generations to come. With our economy an government in turmoil as plans are beginning to be devised for our future as a nation, what does brexit really mean for the fashion industry here in the UK?

So what do we already know?

1. The Fashion Industry contributes an estimated £38 billion to the UK economy.
2. The newly weak pound and uncertainty about tariffs could mean major challenges for UK-based businesses, which often source fabrics and other materials from other parts of Europe.
3. The majority of the industry voted #BREMAIN. The British Fashion Council surveyed it's members and found that the majority (90%) wanted to remain in the EU.
4. #BREXIT is predicted to affect the prices of items coming in and out of Britain.
5. It will have a major and immediate effect on luxury businesses- stocks for fashion houses such as Burberry, Mulberry and Jimmy Choo dropped sharply on Friday morning.
6. Travelling in and out of the UK for business and events like Fashion Weeks for example, could also be met with new barriers, depending on the agreements reached in the coming years.

So overall, this decision sadly doesn't pose much benefits for the UK fashion industry as it currently stands. Hopefully the future will bring new prospects but at the moment I feel the overall mood of the nation regarding this decision is one of regret.

#REGREXIT