Most of the UK’s clothing is bought from Asia in dollars making fashion retailers particularly vulnerable to the pound's collapse following Kwasi Kwarteng's sweeping tax cuts
as retailers face large, unexpected cost increases for importing materials and merchandise.after retailers forced to pay significantly more when buying goods abroad pass on the additional costs to customers.caused the pound to hit a record low against the dollarMost of the UK’s clothing is bought from Asia in US dollars, so fashion retailers will be particularly vulnerable to the slump in sterling.
He added: “It is inevitable that unless these pressures ease, some of the costs will have to be passed on to consumers in the form of higher prices.”
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Expect simpler and more expensive menus as food prices rise due to falling poundMany restaurants will have to adapt their menus to use locally sourced ingredients rather than imported goods, according to industry experts
Read more »
Price of beer set to soar as plunging pound sees the cost of imported hops skyrocketA leading brewery boss has warned the price of beer could be set to soar, as the pound plummeting against the dollar leads to the increased cost of hop imports.
Read more »
Bank will 'not hesitate' to raise interest rates after pound's fallA weak pound makes it more expensive to buy imported goods and risks pushing up the rising cost of living even further.
Read more »
What is short selling? The practice used by investors to reap benefits from a failing marketShorting is a strategy used by investors to profit from falling prices in financial markets
Read more »
Amount of sprint races to double for F1 2023 seasonThe number of F1 sprint events will be increased to six from next season, following FIA approval
Read more »
Award-winning fish and chip shop turns off lights to save on electricityDespite rises in food and oil prices, an award-winning take away restaurant has said it will not increase prices for customers.
Read more »