New data from the Centre for Economic and Business Research (CEBR) suggests that the rise of online shopping has bolstered the ‘counterfeit economy’ – and that fake goods are putting British jobs at risk and costing the UK billions of pounds.
The comprehensive study, which was carried out in collaboration with internet branding firm NetNames, suggests that counterfeit goods have cost the UK economy some £17.3billion and ‘destroyed’ as many as 72,000 British jobs in 2016, according to reports.
The CEBR’s report said that “legitimate sales” had been “squeezed by fake goods”. It added that “counterfeiting is estimated to have destroyed around 2.5 million jobs worldwide”.
Alcohol, cigarettes, food and electrical goods were all cited as ‘problem products’ in terms of burgeoning ‘fake’ goods spotted online.
The CEBR’s study found that some 2.5 million Britons had either knowingly or accidentally purchased counterfeit electrical goods within the last year.
However, it added that as many as 2,000 ‘fake goods’ websites selling copies of big name brand products had been shut down over the same period.
Stuart Fuller, director of commercial operations at NetNames, said: “This report clearly highlights the shocking economic impact it is having on markets across the globe.
“These findings must act as a further drive for global brands and enforcement bodies to work in collaboration to crack down on this illegal activity and protect the innovation and competition amongst businesses.”