well, the consumers will pay more than they do now for genuine goods. They’ll also get more fakes and knock-offs that could be downright dangerous.
More fakes? I don't know if that's even possible. The UK is already flooded with fakes. There is a TV show called Fake Britain which, as the name suggests, deals with all of the fakes that are pouring into the country. It's been playing since 2010 and shows no signs of running out of episodes to air.