A ‘Brexit’ Would Be Bad for Fashion

A ‘Brexit’ Would Be Bad for Fashion

LONDON, United Kingdom — When the topic first began to trickle into parliamentary debate in early 2015, the notion of Britain exiting the European Union seemed absurd. Indeed, if the idea of putting the matter to a direct public vote appeared unlikely, an actual “Brexit” seemed completely implausible. But 18 months later, with a national referendum just weeks away and public sentiment stirred up by an unprecedented migration crisis on top of the on-going European debt crisis, which has seen countries like Greece bailed out by the rest of the Eurozone, opinion polls on Brexit are much too close for comfort for British prime minister David Cameron, who has staked his political future on a “Remain” vote.

Numerous factions within the British government — along with major banks, corporations and governments around the world — have warned of the fallout of voting “Leave.” Just last week, an official statement from the G7 — which includes the US, Canada, France, Germany, Italy, Japan and the UK — declared that Britain’s exit from the European Union would pose a “serious threat to global growth.”

Meanwhile, George Osborne, British chancellor of the exchequer, has claimed that quitting the EU would cause an “immediate and profound” economic shock and could send the UK into a recession and leave the country “permanently poorer” with an economic contraction of 6 percent by 2030. And yet, if recent polls are any indication, the vote may be close.

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