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A weak pound is expected to benefit UK wool industry

After Brexit, economists predict some major economic consequences. According to them, a weak pound will benefit wool exports. Paul S Hughes, Director at Standard Wool UK, ‘the weak sterling, should in the short to medium term, assist carpet manufactures and spinners with operations here in the UK, when exporting to the USA and Europe’.

Hughes believes, the UK domestic market is still a consumer of carpet, however, the retail sector has been relatively poor over recent months, which is expected to improve in the short term and concerns within the UK housing market remain a real threat as historically, less house movement equals less carpet sold.

According to Martin Curtis, the UK buys huge quantities of goods from the EU and he cannot imagine any European country not wanting to maintain strong trading links with them. Equally, they export many goods and services to Europe and he does not expect that to change.

Curtis is past director at Curtis Wool Direct and currently involved in the Wool Carpet Focus Group, a new organisation formed to promote Britain’s wool carpets.

 
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