Thursday, September 21, 2017

Next boss demands more transparency over Brexit

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Next’s chief executive Lord Wolfson has called on the government to disclose some of its core Brexit plans in order to aid British business.

Wolfson, who campaigned to leave the EU but has stated that an isolationist approach to leaving would be disastrous for the economy, has specifically called for a clearer approach to immigration policy.

Roughly 10 per cent of Next’s employees are EU nationals from outside of the UK, leaving around 5000 staff in uncertainty about their futures. 

Wolfson argues that the retail industry relies heavily on EU workers, especially in the supplier arm.


READ MORE: Next prepares for “challenging” 2017 after lacklustre Christmas


“There is uncertainty around Brexit but I would much rather that the government came up with a good plan than something rushed out to get rid of people worried about uncertainty,” he said.

“It would be a mistake to rush it.”

This comes amid yesterday’s announcement of a gloomy forecast for Next, causing stocks in the fashion giant to plummet. 

The conservative peer also stated that clothing prices at the retailer were likely to rise by five per cent due to Brexit, in spite of being one of few business leaders to openly a vote to leave.

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