Economy

Two-thirds of food businesses to move supply chain out of UK

Two-thirds of food businesses to move supply chain out of UK”

With the ongoing uncertainty over what type of deal will be reached between the United Kingdom and the European Union, and only 17 months left, the lack of progress and leadership seen so far in the process is causing concern amongst companies.

According to new research from the U.K.'s Chartered Institute of Procurement and Supply (CIPS), a whopping 63% of European Union businesses who deal with British suppliers now expect to move at least part of their supply chain outside the U.K. That's up sharply from the 44% who said the same back in May, when the outlook for the Brexit talks was looking slightly less dire. And 15 per cent of United Kingdom businesses have postponed or cancelled contracts because of the uncertainty over Brexit.

The Brexit Department revealed details of a technical document sent to the European Commission as part of Brexit talks, setting out "how the new system will be streamlined, low-priced and user-friendly". On Monday, the Chartered Institute of Procurement and Supply said almost two-thirds of European businesses planned to cut back orders from British suppliers.

CIPS group ceo Gerry Walsh said: "The [government's] Brexit negotiating team promise that progress will be made soon, but it is already too late for scores of businesses who look like they will be deserted by their European partners". CIPS also confirmed that a fifth of businesses were struggling to secure deals past the March 2019 Brexit deadline. "The lack of clarity coming from both sides is already shaping the British economy of the future - and it does not fill businesses with confidence".

"The last negotiation round saw real progress in this area and I hope the document we have published today can facilitate the deal we need to guarantee the rights of United Kingdom citizens living in the EU27, and vice versa".

ORB International said 66 percent of people disapproved of the government's conduct of the negotiations, up from 64 percent last month. "The chancellor has to offset acute anxiety among companies over Brexit with a budget that reassures business the government will deliver a comprehensive and ambitious industrial strategy", - EEF chief executive Terry Scuoler.



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