Brexit news and archive

UK signs 'landmark' free trade agreement with Australia

The UK has signed a trade agreement with Australia setting new global standards in customs and services and creating new work and travel opportunities for both nations. Agreed upon by UK prime minister Boris Johnson and Australian prime minister Scott Morrison in June, negotiators have now finalised the agreement with the final deal signed in a...

Retail

New costs of buying from EU-based retailers should be clearer, says Which?

Consumer watchdog Which? has called on the government and businesses to make new costs of buying from EU-based retailers clearer so consumers aren’t caught off guard be extra costs. It comes as new import charges and returns policies have made post-Brexit shopping more difficult for Brits trying to buy from European retailers. Two in five (42...

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Business

Ted Baker Q4 sales fall, warns of 5 million pound Brexit hit

Ted Baker has reported a 47 percent dive in Q4 revenue linked to store closures during the UK’s third lockdown. The British fashion retailer said a fall in footfall when its stores were temporarily open and a drop in demand for outerwear and occasionwear during the Christmas period also took a toll on sales. For the quarter ended 30 January,...

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Business

JD Sports boss says Brexit is worse than expected, eyes EU warehouse

The executive chairman of JD Sports says Brexit has been “considerably worse” than expected so far, and that the company is considering setting up a distribution centre in the EU to avoid new tariffs. Peter Cowgill told BBC Radio that new red-tape and delays related to shipping products to the EU since the UK left the block last month have...

Business

Debenhams closes Irish website citing Brexit trade uncertainty

Debenhams has closed its Irish website citing uncertainty around post-Brexit trading rules. Last month, it was revealed that Debenhams would begin winding down its business and closing its 124 stores after last-minute takeover talks fell through. The move put 12,000 jobs at risk. Since then, the business has continued to trade online to clear...

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Business

With a Brexit deal confirmed, fashion services will suffer

After five turbulent years, the UK and Europe finalised a trade agreement just days ahead of 2021 that would see the start of Brexit with a new accord. The agreement will see tariff and quota-free traded goods after December 31, with the exception of the services industry. Services comprise of 80 percent of the UK economy, including fashion...

Business

No-deal Brexit will be pricey for UK fashion, GlobalData warns

Trading with the EU under a no-deal Brexit will be pricey for UK fashion, GlobalData has warned, adding that the country’s textile and fashion firms should therefore be weighing up other markets to potentially trade with. It comes amid a back-and-forth between the UK and EU over a long-awaited trade deal, with some fine details hindering the...

Retail

Brexit back-and-forth making it 'harder for businesses to prepare', BRC warns

Ongoing uncertainty over a trade deal between the UK and Europe is making it “harder for businesses to prepare effectively” for 1 January, warns the CEO of the British Retail Consortium (BRC), Helen Dickinson. “The 11th hour has passed and every passing moment of uncertainty makes it harder for businesses to prepare effectively for the 1st...

Fashion

No-deal Brexit puts 127,000 textile jobs at risk, Euratex warns

The UK leaving the EU without a deal could result in the loss of 127,000 jobs in the textile and clothing (T&C) industry, new research suggests. According to a new study, commissioned by the European Apparel and Textile Confederation (Euratex) with the University of Leuven in Belgium, a no-deal Brexit could lead to job losses of over 100,000...

Business

BRC 'deeply concerned' by Boris Johnson's no-deal Brexit comments

The British Retail Consortium (BRC) has said it is “deeply concerned” about a statement made by prime minister Boris Johnson that the country should prepare for a no-deal Brexit in January. Johnson said Friday that unless the EU demonstrates a “fundamental change of approach”, UK businesses and consumers should plan for a no-deal Brexit -...

Retail

Komodo to open first European store in Hamburg

In view of the impending Brexit, British brands and retailers have two options: either bury their heads in the sand and hide or meet it head on, confidently. Ethical fashion brand Komodo has decided to do the latter and will open its first European flagship store in Hamburg, Germany at the end of the month on 31st October 2019, to be easier...

Business|ANALYSIS

China-U.S. resumed tariff talks and potential Brexit deal affects stocks

New York – European shares rose on Thursday as early signs of positive progress in U.S.-China trade talks emerged and hints of a potential Brexit deal cheered up retail stocks. Investors were hopeful on Thursday after U.S. President Donald Trump tweeted he would meet Chinese Vice Premier Liu He on Friday for further trade talks, confirming the...