Andrea Felsted, Columnist

Trussonomics Will Pinch British Wallets and Wardrobes

The pound hit its lowest level against the dollar since shoulder pads were in fashion. That’s very bad news for clothing stores.

September 28, 2022 at 4:00 AM UTC

By Andrea Felsted

Andrea Felsted is a Bloomberg Opinion columnist covering consumer goods and the retail industry. Previously, she was a reporter for the Financial Times.

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It is not just your wealth that could take a hit from the slump in the pound following Prime Minister Liz Truss and Chancellor of the Exchequer Kwasi Kwarteng’s fiscal bombshell. Your wardrobe is set to suffer too.

British retailers pay for goods from China and southeast Asia in dollars. With the pound at its lowest level against the greenback since shoulder pads were the height of fashion in 1985, the cost of producing everything from sweaters to sneakers has jumped.