Brexit - What could it mean for the Retail and Consumer Goods Industry?
7 July 2016
On 24 June, a 52% majority of UK citizens voted to "Leave" the European Union ("EU"). The outcome of the UK’s referendum on its membership of the EU creates a number of near-term challenges and, perhaps, opportunities. The UK Government faces many decisions, including deciding when and if it will serve the UK's withdrawal notice and trigger the two-year exit negotiation period under Article 50 of the Treaty on European Union.
With 47% of the UK's manufacturing exports currently being shipped to the EU and the EU representing 54% of the UK's imports, the potential impact of Brexit on the retail and consumer industries would be significant. In the months preceding 24 June 2016, the vast majority of UK retailers spoke out to show their support for the Remain campaign, voicing concerns about the uncertainty and risks they believed would be caused by Brexit. The UK is in uncharted water and the destination is, as yet, unknown.
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