Ensuring the continuation of EU’s Generalised Scheme of Preferences with countries such as India and Vietnam is a more pressing priority for the UK rather than securing new deals. The cost of importing clothes could fall by up to 12 per cent, and leather handbags by up to three per cent, if the UK can secure new deals with countries such as China.

GSP countries account for 38 per cent of total general merchandise imports into the UK, of which clothing and footwear makes up 96 per cent. The EU accounts for just 12 per cent of total general merchandise imports, of which clothing is just more than half.

Countries such as China are classed as most favored nation (MFN) states with which the UK has no current trade agreement beyond World Trade Organisation rules. MFN countries account for 49 per cent of total general merchandise imports, of which clothing and footwear makes up 61 per cent. As a member of the EU, the UK does not pay tariffs on imports from certain countries as of now.

The EU does not have a trade deal in place with China. As a result, if the UK does not strike a deal with China, consumers will be no worse off – but there are opportunities to bring down tariffs if a deal is struck.