The British Fashion Council, who seek to strengthen British fashion in the global fashion economy, believe that a no-deal Brexit would cost the UK fashion industry between £850 and £900 million because of tariffs, and other expenses, based on 2018 export figures.
As fashion relies on export revenues, a global supply chain and an international talent pool, a no-deal Brexit would hamstring the UK industry, said The British Fashion Council.
In a statement the BFC said.
The UK leads the world in creativity, innovation and business and we need to retain this reputation. As an industry worth £32billion to the UK GDP and employing more than 890,000 people – almost as many as the financial sector, we urge the Government to:
-seek a deal with the EU that would guarantee the healthy and steady growth of the fashion industry
-give access to funding that would help create stimulus that will ensure British designer businesses continue to remain competitive internationally through trading agreements, access to finance, free movement of talent and support for promotion
-advise on all the different scenarios and translate them into what they mean to the fashion industry and the best way to navigate global trade challenges
A switch to World Trade Organisation rules along with tighter controls on international shipping have the potential of serious harm to the UK fashion industry.