
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

Reem Al Hashimy delivers UAE's Statement at 78th Session of UN General Asse ..

UAE publishes discussion paper on urgent threat of global water scarcity

H.H. Sheikh Abdullah bin Zayed and UAE delegation continue their meetings to enh ..

Team Abu Dhabi’s Rashed Al Qemzi underlines F2 dominance as battle for silver ..

Sharjah Ruler congratulates Saudi King on National Day

Abdullah bin Zayed, UAE delegation participate in 3rd day high-level meetings of ..

UAE, Indonesia reviewing strengthening economic cooperation

UAE Leaders condole with Italian President on death of Giorgio Napolitano

Saqr Ghobash congratulates Speaker of Saudi Shura Council on 93rd National Day

Dubai to host Urological Association of Asia Congress

Gautam Gambhir praises Babar Azam's World Cup potential

Tareen vows to serve people if given chance
More Stories From World
-
Russian soldier missing after attack on Crimea naval HQ: Moscow
1 day ago -
Karabakh rebels say negotiating their troops' withdrawal
1 day ago -
Charles in Bordeaux on last day of climate-focused France trip
1 day ago -
Debris and dead bodies clutter flood-hit Libyan port
1 day ago -
Over 10,000 power pilferers netted across the MEPCO region so far
1 day ago -
Africa sentences exiled ex-leader Bozize to life
1 day ago
-
Russia says Crimea naval HQ hit in missile attack
1 day ago -
Climate crisis has 'opened the gates to hell' UN chief tells summit
3 days ago -
Pakistan's traditional products attract China-ASEAN Expo visitors
3 days ago -
Son of ousted Gabon leader held in corruption case
3 days ago -
India's lower house votes to reserve third of seats for women: speaker
3 days ago -
Azerbaijan says aims for 'peaceful reintegration' of Karabakh Armenians
3 days ago