European Union exit would hurt UK apparel sector, Stuart Rose warns
25/02/2016
Also a former chief executive of fashion group Arcadia and of Marks & Spencer, Stuart Rose now has a seat in the upper house of parliament.
In recent comments to the Financial Times, he said he has no doubt that the cost of doing business for apparel companies would go up, export tariffs would increase, as would the cost of materials, services and manufacturing, if the UK should leave the union. “This would mean higher cost to the consumer,” he added.
Quoting government figures, the BFC has said the percentage of overall UK exports going to other European Union countries has gone down in recent years but that exports of apparel and other fashoin items have grown. It said apparel sales to the rest of the European Union were worth £4 billion in 2014, an increase of 45% on the figure for 2010.
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