SPEAKING UP: The British Fashion Council is backing a call for The People’s Vote, which would see the U.K. hold a public vote on the final Brexit deal. Their cry came just hours after British Prime Minister Theresa May’s proposed deal was roundly defeated in Parliament. May faces a no-confidence vote in her government on Wednesday.
The BFC said it cannot emphasize strongly enough that a no-deal Brexit “is a scenario that should be avoided at all costs. The ongoing uncertainty and confusion that leaving without a deal creates will have a negative impact on our industry, where investment is already impacted from the uncertainty being faced.”
The organization argued that a no-deal situation will result in no transition period after March 29, when the U.K. is due to leave the European Union.
”With an industry that is predominantly small and medium-sized enterprises, we would struggle to cope with the trade realities that it would bring.
“In light of the above, and the industry’s preference to remain, based on all polls pre- and post-referendum, we are supporting the call for The People’s Vote as the preferred current option to minimize the impact to industry based on there being no valid deal on the table,” the group said.
The BFC said it would continue to work with government and designer businesses to navigate “these difficult times,” and consider all options put forward.
The call for a public vote on the final Brexit deal was started by the campaign group People’s Vote in 2018. The group is led by Chuka Umunna, the British Labour politician and member of Parliament.
After Parliament shot down Theresa May’s proposed deal by an overwhelming defeat of 230 votes the pound powered back, rising to $1.29. The FTSE 100 dropped 0.6 percent, the morning after the vote, to 6,852.85.