No-deal Brexit alert as John Lewis unveils first loss in 155 years

The boss of John Lewis issued a bleak warning in regards to the influence of a no-deal Brexit as we speak as he unveiled the first loss in the agency’s 155-year historical past.

Chairman Sir Charlie Mayfield stated that he anticipated the impact of Britain leaving the EU with out a deal on October 31 “to be significant” for the division retailer and Waitrose grocery store group. 

He informed the Standard: “The two biggest impacts on us are fresh food supply and consumer confidence. We sell a lot of fresh produce, if we haven’t got it we can’t sell it. If you are seeing stuff on the news about queues and shortages, are you going to go and splash out £1,500 on a widescreen TV? The answer is probably no.”

He added: “In readiness we have ensured our financial resilience and taken steps to increase our foreign currency hedging, to build stock where that is sensible, and to improve customs readiness.”

Britain’s largest partnership fell £25.9 million into the crimson in the first six months of the yr, though it’s nonetheless anticipated to make a revenue for the monetary yr.  

Ian Wright, chief govt of the Food and Drink Federation, which represents Britain’s meals manufacturing sector, stated a no-deal Brexit would spark “a grisly crisis”, with “significant and adverse changes to product availability, and random shortages”. He added: “Government must be upfront about the chaos a no-deal Brexit would bring.”

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