EEF: Brexit border delays pose huge risk to UK factories - Reuters
As reported by Reuters, a wide majority of UK businesses stand to face negative impacts from border delays following Brexit, according to results from an industry survey published early Monday.
Key quotes
Monday’s report from the EEF manufacturing association and insurer AIG showed 76 percent of their members thought delays at the border represented a risk to their business.
“While companies are naturally optimistic by their very nature, the spectre of Brexit is now very front of mind for manufacturers,” EEF chief executive Stephen Phipson said. “This is bringing with it a whole host of risks from increased exchange rate volatility to rising input costs which right now are very difficult to plan for.”
The survey showed 62 percent of manufacturers were looking to stockpile goods ahead of Brexit - something that has already given a temporary boost to factory activity, according to a business survey last week.
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Joshua Gibson
FXStreet
Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.
