Next boss warns over gridlock in ports after hard Brexit

Planning: Lord Wolfson THE boss of retail giant Next, which has around 20 stores in Northern Ireland, has warned over the threat of gridlock at ports and price hikes from increased tariffs if the UK crashes out of the EU with no deal.

Chief executive Lord Wolfson, a prominent Brexit supporter, has called on the Government to give businesses clarity on what measures could be taken to relax customs procedures and border controls.

He said the likelihood of queues and delays at UK and EU ports posed the biggest risk to Next from a no-deal Brexit.

Lord Wolfson said: “If the ports seize up it will be a problem.

“In fashion you’re always selling out of the best-sellers. The ports that will have the biggest problems will be the ones having more EU goods, so basically Dover.”

In an unusually detailed document outlining its no-deal contingency plans, Next cautioned that another sharp fall in the value of the pound and increased tariffs also posed a threat.

Next said in the “unlikely event” that free-trade agreements were not put in place, it could send the cost of imported goods soaring by up to around £20m, which could push up prices by around 0.4%.

With only six months to go, the group said there was “no certainty” that a deal can be reached with the EU.

It said it was “well advanced” in its preparations in case a freetrade agreement is not in place by next March, but said the risks do not pose a “material threat” to the group. Next has upped its full-year profit outlook, with interim pre-tax profits up 0.5% at £311.1m.