TRADE IN COUNTERFEIT GOODS COSTS UK ECONOMY BILLIONS OF EUROS

A news release from OECD on 29th November said that the global trade in fake goods, from cosmetics to car parts, is costing the UK economy billions of dollars a year in forgone company sales, overpriced products and tax revenues, and was behind more than 86,000 lost jobs in 2016, according to a new OECD report.  A new report estimates the value of counterfeit and pirated British goods sold worldwide at £16.2 billion in 2016, up from £13.4 billion in 2013 and equivalent to 3.3% of UK manufacturing sales.  UK goods particularly targeted by counterfeiters include perfumes, cosmetics, clothing, footwear, leather goods, telecoms equipment, electronic goods, cars and motorbikes.  It is said that more than half of the counterfeit and pirated goods imported to the UK were bought by people who knew they were buying fakes, and that most fake imports to the UK come from China, Hong Kong, Turkey, India, Pakistan and Bangladesh.

http://www.oecd.org/newsroom/trade-in-counterfeit-goods-costs-uk-economy-billions-of-euros.htm

The report is at –

http://www.oecd.org/governance/risk/trade-in-counterfeit-products-and-the-uk-economy-2019.htm

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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