LONDON — Around 45% of European companies are seeking to replace UK suppliers with local businesses in preparation for higher international tariffs if Brexit negotiations fail.
ADVERTISEMENT
'Nearly half' of EU companies are preparing to cut ties with British suppliers over Brexit
Around 45% of European companies are seeking to replace UK suppliers with local businesses in preparation for the failure of Brexit negotiations.
Cheers!
Gerry Walsh, CEO of CIPS, said: "Diplomats either side of the table have barely decided on their negotiating principles and already supply chain managers are deep into their preparations for Brexit. Both European and British businesses will be ready to reroute their supply chains in 2019 if trade negotiations fail and are not wasting time to see what happens."
"Fluctuations in the exchange rate or the introductions of new tariffs can dramatically change where British companies do business. The separation of the UK from Europe is already well underway even before formal negotiations have begun," he added.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
ADVERTISEMENT