The soaring cotton price pushed the British textile industry to the brink of death

According to foreign media reports, the soaring price of cotton has almost pushed Leicester, England's textile industry to the edge of life and death. The profits of Joules, the knitting company JackMasters, which specializes in the US market, and socks manufacturer HJ Hall, all shrank dramatically due to the high cotton prices.

As British value-added tax continues to rise, the overall economic instability caused by unemployment is expected. By the end of this year, British manufacturers whose main business is in the domestic market will face a double blow, and the profit rate is expected to continue to decline.

Relevant sources predict that the British textile industry will recover as quickly as next year, but it is still impossible to predict the impact of exchange rate fluctuations on exporters. If the pound sterling against the euro rises, the profits of exporters will be hit again.