Fashion retailer Next have revealed that a No Deal Brexit could save them up to £15m with benefits that could then be passed on to to shoppers. Hardline Remainer politicians will of course completely ignore this No Deal upside of course.
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The potential savings would be due to the slashing of trade tariffs, with the UK set to undergo huge trade liberalisation if Britain breaks free from the European Union next week with a WTO Brexit.
Next’s Chief Executive, Lord Wolfson, has said: “In the (seemingly unlikely) event that these provisional rates are introduced in the near future, we estimate that there would be a net reduction in the tariffs we pay of around £12m to £15m.
“In the medium term, our intention would be to pass on cost price improvements to customers, in the form of better pricing.
“In the context of £1.7bn of stock purchases, the savings would be relatively modest.”
Not only that, but Wolfson hit back at the doom-mongers, saying of the current business environment: “Whilst our relationship with the EU remains uncertain, other economic indicators for the consumer look less worrying than at this point last year.”
As Trade Minister George Hollingbery has said of the potential for No Deal exit from the EU: “If we leave without a deal, we will set the majority of our import tariffs to zero, while maintaining tariffs for the most sensitive industries.
“This balanced approach will help to support British jobs and avoid potential price spikes that would hit the poorest households the hardest.”
There are huge opportunities with a WTO Brexit that allows the British government to act unilaterally outside of European Union control. Time to grasp that huge opportunity.
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