From Yahoo Finance: 2025-05-12 10:09:00

Britain’s textile industry faces insolvencies due to the new trade deal with India, leading to 5-7% spike in insolvency rates. Textile imports from India currently have 10-20% tariffs, making it hard for UK firms to compete. Insolvencies will result in job losses and closures in less affluent areas.

High interest rates, surging living wage, and tax raids contribute to textile industry struggles. US tariffs and competition with Indian producers add to challenges. UK-US trade deal did not alleviate issues for textile makers facing 10% tariffs. Sector faces triple whammy of pressures.

Read more: UK textiles firms ‘will fail because of India trade deal’