Three quarters UK manufacturers report Brexit is damaging business planning and prospects

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Almost three-quarters of UK manufacturers have reported that Brexit is causing damage to long-term strategic planning and future business prospects.

That’s the Brexit headline from the latest Annual Manufacturing Report produced by The Manufacturer in which 71% said Brexit uncertainty is damaging strategic planning and business prospects.

Commenting in the report, Director at Cumbric Ltd said that: “Small businesses like mine who rely on an EU supply chain can’t afford the added bureaucracy that is currently threatening to crash down on us.

“Post-Brexit, a triple blow of higher import costs, added paperwork, and a likely recession.”

And the number of manufacturing firms who believe Brexit will cause severe disruption for the manufacturing sector in the UK has grown. In last year’s report, some 54% of respondents felt that Brexit would cause severe issues for their business.

That figure has now grown to 64% over the last 12 months.

However, and interestingly, 35% of firms don’t believe Brexit will cause any chaos and that leaving the EU will trigger a period of growth and further investment.

Read more: Nearly half of UK forms not prepared for chaotic Brexit

And in the face of adversity, manufacturing heads are optimistic about the industry’s ability to pull through, with 77% saying that, whatever the outcome of Brexit or the type of Brexit we will see, the UK as an industrial nation has the drive to succeed.

How prepared is your business for Brexit?

Whether you’re a big firm or small business, Brexit is likely to cause some level of upheaval, and every business needs a plan to ensure as smooth and consistent an ongoing trading relationship with export suppliers and buyers as possible.

If your business is yet to conduct a Brexit audit and format a post-EU membership strtategy, or if you want to ensure the plan you have in place covers all the bases, you can talk to Go Exporting today about ensuring your business is Brexit Ready.

Find out more about our Brexit consultancy here.

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