According to a Centre for Economic and Business Research (CEBR) report, in partnership with internet branding firm NetNames (a leading online brand protection specialist), counterfeit goods have cost the UK economy an estimated £17.3 billion and caused the loss of 72,000 UK jobs in 2016.

CEBR’s report stated that alcohol, cigarettes, food and electrical goods were ‘problem products’ in terms of escalating ‘fake’ goods spotted online.

In addition, CEBR’s report 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.”