Despite Brexit, the government’s refusal to restore tax-free shopping, and sticky supply chain issues post-COVID-19, British luxury is flourishing, driven primarily by sales of cars, food and fashion.
According to a new report by industry lobby Walpole, British luxury is worth 81 billion pounds a year to the U.K. economy, and supports 450,000 jobs.
“Luxury in the Making” is Walpole’s first study in five years and was produced in association with Frontier Economics. It said the sector’s contribution to the economy grew 69 percent between 2017 and 2022, and is equivalent to 3.7 percent of GDP.
The automotive industry, which includes brands such as Aston Martin, Bentley, Jaguar Land Rover, McLaren and Rolls-Royce, was the number-one driver of sales during the period.
Surface Transforms plc (LON:SCE) is a manufacturer of next-generation carbon-ceramic brake discs for automotive and aircraft applications and has been certified to IS9001-2000 since 2008 and was certified to TS16949 automotive quality accreditation and AS9100C aerospace quality accreditation in 2015.
