
British Shoppers Begin To Feel Post-Brexit Pinch
Faizan Hashmi Published August 17, 2016 | 11:19 AM

LONDON, (APP - UrduPoint / Pakistan Point News - 17th Augst,2016) - From computers and cars to carpets and food, Britain's decision to leave the EU is beginning to hit consumers in the pocket, having already spread uncertainty through the property market. The consequences of the shock vote have so far been mainly theoretical, but recent data suggest that the country's tumbling Currency is about to reach the High Street. The pound has lost 10 to 15 percent of its value against the euro and the Dollar since the June 23 referendum, raising the price of goods primarily supplied by foreign companies such as automobiles, computers, clothing and some foods.
Carmaker Peugeot told AFP that it had raised prices by an average of two percent since August 1 for models of its three flagship brands: Peugeot, Citroen and DS.
Similarly, Dell computer group said it now had to factor the cost of components, denominated in Dollars, into the price of its products in Britain.
British group Headlam explained that the pound's plunge had also increased the cost of its domestic floor coverings, imported mainly from Belgium and the Netherlands, by around six percent.
All eyes are now turning to food and property, which have been relatively unscathed, but which many fear could see similar price fluctuations. Fierce competition among supermarkets desperate to maintain market share normally provides a bulwark against sharp inflation in food prices, but Brexit could rewrite the rules, said Fraser McKevitt, an analyst at Kantar group's London office.
Related Topics
Recent Stories

Gold prices slightly go down in Pakistan

Pakistan asks Afghanistan to take immediate steps against terrorist entities

Climate summit COP28 kicks off in Dubai today

No planned meeting between PM Kakar-Modi on sidelines of COP 28: FO

Kamran Akmal, Rao Iftikhar Anjum and Salman Butt appointed as consultants to chi ..

Pakistan U19 squad announced for ACC U19 Asia Cup 2023

Interim govt remains petrol price unchanged until Dec 15

Caretaker PM arrives at Dubai Expo City to participate in COP28 conference

Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 1 December 2023

Today Gold Rate in Pakistan 01 December 2023

Around 40,000 volunteers of Awaz-II program working with local communities to ad ..

The 16th International Urdu Conference featuring a bunch of literary events kick ..
More Stories From World
-
Simmonds welcomes 'massive impact' of Whitelock arrival on Pau
50 seconds ago -
Latest developments in Israel-Hamas war
41 minutes ago -
Guinea-Bissau army says in control after gunfire, clashes
41 minutes ago -
France calls for truce resumption between Israel-Hamas
1 hour ago -
Madagascar's Rajoelina faces international calls to ease 'tensions' after vote win
1 hour ago -
Cricket: Bangladesh v New Zealand first Test scoreboard
1 hour ago
-
Russia advancing on all fronts in Ukraine: defence minister
1 hour ago -
UN chief 'deeply' regrets resumption of fighting in Gaza
1 hour ago -
Air pollution in Mongolia's capital draws public concern
2 hours ago -
Cambodia's Angkor sees nearly 700,000 int'l tourists in 11 months
2 hours ago -
China issues new version of Foreign Permanent Resident ID Card
2 hours ago -
ChiNext Index lower at midday Friday
2 hours ago