Workshops and events planned to inform on Brexit implications for UK businesses

After a referendum campaign that highlighted deep social, geographic and economic divisions in the UK and shook the world, UK businesses are in a state of uncertainty post-Brexit win, and it is important that clear guidance and encouragement are given to UK brands to help them make plans for their businesses.   As the British Retail Consortium (BRC) has pointed out, without clarity, retailers and other businesses and hence the economy will suffer from a prolonged period of uncertainty and that the Government must move quickly to explain the process of disengagement from the EU.

So it is welcomed news that Walpole, an alliance of 170 of Britain’s finest luxury brands, is planning to host a member workshop aimed at discussing the implications of Brexit and identifying key issues to campaign on.  Prominent brands represented by Walpole includes Burberry, Jimmy Choo, Farfetch, Selfridges, Harrods, Thomas Pink and Temperly and McArthurGlen. The date and location of the workshop are yet to be announced.

It remains vital to work together to ensure stability and collaboration, so said the CEO of Walpole, Michelle Emmerson in a post-referendum letter.  

“I know you will be working to understand the potential implications for your businesses. As we all know, we should find encouragement in the fact that British luxury goods and services are sought by customers from all around the world, whether they are bought here or as exported products. Europe is a big market, but by no means the only one. What’s more, it does not seem to be in anyone’s interests to abandon a single market in which goods move freely,” she said.

“Therefore, it is vital that we retain open access to the European market and throughout negotiations, we shall urge the government to fight to promote and protect the interests of the luxury industry - worth over £32 billion a year to the UK and employing 113,000 people across the UK.”

According to the British Retail Consortium (BRC) CEO, Helen Dickinson, keeping the cost of goods down for consumers and providing certainty for businesses must be at the heart of the Government's plans for life outside of the EU.

“Without clarity, retailers, other businesses and hence the economy will suffer from a prolonged period of uncertainty,” the BRC said in a statement.  “We are already seeing the commencement of a period of considerable volatility as financial markets react to any emerging information that might indicate how the new relationship to the EU might be shaped.  Retailers should be prepared for the possibility of significant swings, particularly in the exchange rate and consumer confidence,” the BRC warned.

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In its exit negotiations the Government should aim to ensure that the trade benefits of the Single Market (i.e. the absence of customs duties) are replicated in the UK's new relationship with the EU, the BRC said.

Meanwhile another trade body, the  Creative Industries Federation has pledged to play a positive role in safeguarding the future of the UK’s arts, creative industries and cultural education and their significant contribution to the economy in light of the decision to leave the European Union.

John Kampfner, Chief Executive, said: “As the UK creates a new identity and a new position on the world stage, our arts and creative industries - the fastest growing sector in the economy - will play an important role.

“It will be vital for all sides to work together to ensure that the interests of our sector on issues including access to funding and talent are safeguarded as the UK forges its new relationship with Europe. The importance of British culture in representing our country to the world will be greater than ever.”

The Federation, whose members' poll showed an overwhelming vote in favour of remaining with the EU, plans to hold a series of events to engage the creative community on charting a way ahead, it said in a statement.

While a weak British Pound may boost British fashion labels’ exports to overseas market, a weaker British Pound means that British companies will spend more on production costs in other countries, and will have to pass on those expenses to the shoppers by raising prices; if it’s harder for other EU citizens to visit England, it may also cut down on shopping by European tourists.  Not surprisingly, 90 per cent of the members of the British Fashion Council wanted to stay in the EU.