The UK government said so in a recent report titled “The Benefits of Brexit: How the UK benefits from leaving the EU”.
The retail trade contributed around £100 billion to the UK economy in 2020, or 5.2% of total UK gross value added (GVA). Manufacturing consumer goods contributes around £13 billion to the UK economy and employs over 240,000 people.
The post-Brexit UK will help the retail and consumer goods sector to exploit areas of competitive advantage and seize opportunities for international trade. The country is also drafting its own digital technology regulations that encourage growth and innovation, while protecting businesses and consumers from the serious disadvantages of technology.
The government is committed to working with the consumer goods industry – made up mainly of small and medium-sized enterprises (SMEs) – to leverage its competitive advantage outside the European Union (EU) customs union. and rebuild the resilience of the wider sector and supply chains in the wake of COVID-19. 19 pandemic through innovation, relocation, sustainability and skills development, the government said.
“We are committed to working with the retail sector, and the Retail Sector Council in particular, to ensure businesses are profitable, resilient, innovative and support local economies in a socially and environmentally responsible way,” says The report.
The industry estimates that there are over a million high spender international visitors to the UK due to the status of retail destinations such as London’s West End, Bicester Village and other towns and cities. villages across the country.
The country will become an innovation-friendly hub for responsible data-driven businesses using artificial intelligence to transform the economy and improve lives, he said.
Britain’s digital economy is thriving, with £26 billion invested in UK technology in 2021, or 35% of total technology investment in Europe that year. The number of UK tech unicorns also grew significantly over the past year, with 29 additional companies valued at over $1 billion. More than £83 billion of UK exports to its priority countries for 2022 are supported by data feeds.
The government wants to remove barriers to data flows to stimulate trade, investment and scientific and technological innovation. It will strengthen its security partnerships and support development worldwide. Brexit offers a significant opportunity to further drive growth and innovation, boosting the digital economy and cementing the UK’s position as a global technology hub, the report adds.
Fibre2Fashion (DS) News Desk
