British consumers could be hit by an 11.5% increase in prices for clothing made in Europe, if the UK leaves the European Union without a trade deal.
Consumer research site NimbleFins warned that in the event of World Trade Organization tariffs coming into effect because prime minister Boris Johnson fails to secure a trade deal with the bloc, companies may pass the additional costs on to customers. The price of European footwear could increase by up to 4.1%.
A third of UK clothing imports and more than half of footwear imports currently come from the EU. Italy is the most popular, followed by Germany and the Netherlands.
Erin Yurday, NimbleFins CEO, said: “British consumers are already paying higher prices on many imports because of the drop in the value of sterling.
“If we leave the EU without a trade deal, consumers may need to pay an additional 11.5% on their favourite clothing imports from the EU due to tariffs.”