The price of cotton soared to the edge of the British textile industry

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

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 soon 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, exporters' profits will be hit again.