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According to leading economists, the beauty industry in Britain has experienced a decrease of £850 million in exports to the European Union following Brexit.
According to specialists, the industry has faced delays at customs and higher administrative costs due to the UK’s departure from the bloc in January 2020.
A recent study conducted by Oxford Economics, on behalf of the British Beauty Council, revealed a significant decrease in exports to EU countries, while sales remained stable in other parts of the world.
According to the study, there is a shortage of skilled workers in the industry due to the decrease in EU workers. Additionally, smaller beauty companies have been disproportionately affected by barriers after Brexit.
According to Millie Kendall, the chief of the British Beauty Council, Brexit is the main issue, not Covid. She stated that many people have withdrawn from certain areas.
According to Sarah Chapman, the creator of Skinesis, her company has ceased exporting to Spain due to significant difficulties in selling to Italy and other countries.
She mentioned that our distributors are pressuring us to establish an EU warehouse or they will cease working with us. Customers are less likely to buy directly from us again if the product takes a long time to arrive after their initial purchase.
During British beauty week, the trade organization announced that Kate Moss had been appointed as its new worldwide representative.
A recent report from the British Chambers of Commerce (BCC) reveals that nearly half of UK exporters have faced challenges in increasing their sales.
Of the small and medium manufacturers, 28% experienced a decline in exports during the previous quarter, while 45% saw no change.
According to William Bain, head of trade at BCC, it is crucial for UK businesses to increase exports in order to succeed. It’s a straightforward concept.
The challenges of the pandemic, supply chain interruption, Brexit, non-tariff trade barriers, and global economic conditions have made trade with the EU more challenging in recent years. It is necessary to revisit methods for enhancing trade with the EU.
Kemi Badenoch, the secretary of business and trade, is heading to Osaka, Japan for the G7 trade summit. Despite Labour’s attempts to diminish the Conservative Party’s reputation as a pro-business party, the cabinet minister stated that she is not concerned.
Ms Badenoch accused Sir Keir Starmer of not doing his research and believing that the EU is the solution to all problems.
Source: independent.co.uk
