Survey: EU firms scale back presence in UK as Brexit nears - RTRS
According to the latest survey, conducted by the Chartered Institute of Procurement and Supply (CIPS), a seventh of the European Union’s (EU) business firms, which have a presence in the UK, have moved out their business out of the Kingdom due to mounting Brexit concerns.
The survey was conducted before Monday’s announcement of a 21-month Brexit transition deal that will leave Britain’s access to EU markets unchanged until the end of 2020.
Key Findings via Reuters:
“Fourteen percent of EU firms with assets in Britain, such as offices, warehouses or factories, have scaled back their business
11 percent of EU companies had moved some of their workforces out of the United Kingdom since the Brexit vote in 2016, the survey of supply chain managers showed.
The survey also showed that almost one in four British firms with suppliers in the EU was having difficulties in securing contracts that run beyond Britain’s scheduled departure from the EU in March 2019.
In response, a third of British supply chain managers with EU suppliers said they were already looking for alternative suppliers inside the United Kingdom.
CIPS surveyed a total of 2,418 supply chain managers in two rounds of questions between Feb. 6 and 19 and March 5 and 13.“
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
