Small UK manufacturers left in dark over Brexit plans: survey
[LONDON] Nearly half of small and medium-sized British manufacturers have no idea how the end of the Brexit transition period at the end of this year will affect their business, a survey showed on Monday.
Less than seven weeks before a transition period ends and Britain completes its Brexit journey out of bloc, London and Brussels have stepped up negotiations for a deal that would protect nearly US$1 trillion of trade from disruption.
The survey from consultancies South West Manufacturing Advisory Service (SWMAS) and the Manufacturing Growth Programme underlined the uncertainty around Britain's future trade ties with the European Union, at a time when many companies are struggling with Covid-19 restrictions.
Some 47 per cent of manufacturers surveyed said they did not know what the end of the transition would mean for their business, while 32 per cent said it would hinder their recovery.
Only 3 per cent predicted a boost.
"It's like a perfect storm for management teams trying to plan, but have no idea what they are planning for and many are also coping with lower levels of resource as a result of the pandemic," said Nick Golding, managing director of SWMAS.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Official data published last week showed manufacturing output in Britain stood 8 per cent lower in September than its pre-pandemic level.
But the survey showed optimism has started to return. The share of manufacturers expecting turnover and employment to rise in the next six months outweighed those expecting a fall for the first time in three quarters.
The survey of 409 companies was conducted through October.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Vietnam tycoon appeals against US$27 billion fraud death sentence
US announces new restrictions on firearm exports
Central banks will probably only cut half as much as they hiked
US consumer sentiment falls as inflation expectations climb
HSBC wins £1.3 billion suit over Disney film finance scandal
WTO countries to reboot dispute reform negotiations