Although Britain is scheduled to depart from the EU on March 29, what will happen on that day is still unclear. This is a significant issue for British businesses since they routinely import and export materials and goods from the European Union.
On Monday, as per the results of a survey conducted by an industry body showed, more than three-quarters of British manufacturers see delays at the border as a risk for their businesses, post Brexit.
Although Britain is scheduled to depart from the EU on March 29, what will happen on that day is still unclear. This is a significant issue for British businesses since they routinely import and export materials and goods from the European Union.
British Prime Minister Theresa May’s Brexit deal hangs in the balance even as a parliamentary vote looms ahead thus raising the possibility that Britain could potentially leave the EU without an economic deal to smoothen the shocks of its departure.
The report from the EEF manufacturing association and AIG shows 76% of members think delays at the border represent a significant 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,” said Stephen Phipson, EEF’s chief executive. “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% of British manufacturers were looking to stockpile goods ahead of Brexit.
The EEF/AIG survey of 242 companies took place between November 1 and November 29, 2018.
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