Costly Import Hikes Goods Prices Amid Brexit Process In UK
Pound has devalued about 18 percent since the June 23 referendum to exit European Union against dollar and euro. It is also learned prices of imported goods across United Kingdom have skyrocketed as retailers have started passing on the higher costs onto the customers.
Considering the Brexit impact to be hard Toblerone has reduced the size of some of its chocolate products to justify the increased cost and Apple has hiked prices of some of its devices too.
Some of the brands have promised to remain with the Britons but with the urge to the customers to buy more of their products.
As of now it is not clear how the market would react after final withdrawal of UK from the EU bloc. British Prime Minister Theresa May earlier said to be initiating Article 50 for the withdrawal process early next year.
Meanwhile, it is not to forget the court has ruled on November 3 the government cannot trigger the process without the approval from parliament.
The government is yet to appeal the move and so it is not certain when can the process be initiated.
Independent publisher Galley Beggar Press wrote, “Brexit is breaking us. Without going into too many commercial details, our print costs have almost tripled since we set up four years ago. Mainly, this is thanks to the beating that the pound has taken.”
Here’s some of the ground reality. The cost of printing books for the publisher has jumped from $1.86 per unit to more than $3.72. The printing has become so expensive as everything is imported and cost of those had jumped high due to devaluation of pound.http://www.dailynewsz.com/costly-import-hikes-goods-prices-amid-brexit-process-in-uk/http://www.dailynewsz.com/wp-content/uploads/2016/11/Costly-Import-Hikes-Goods-Prices-Amid-Brexit-Process-In-UK.jpghttp://www.dailynewsz.com/wp-content/uploads/2016/11/Costly-Import-Hikes-Goods-Prices-Amid-Brexit-Process-In-UK-300x300.jpgBusinessworld newsbrexit,european union