Brexit Effects “More Negative Than Expected” KPMG/BCCG Survey: Companies Draw Conclusions
Around 100 days after Brexit, most companies are experiencing Brexit effects that are more negative than they expected at the beginning of the year.
This is evident from a recent survey conducted by KPMG and the British Chamber of Commerce in Germany (BCCG) among 93 member firms of the BCCG. 80 percent of these companies are based in Germany, the rest in the UK.
As a result, companies are drawing the first conclusions.
For example, one in six of the companies surveyed has decided to cease exports to the UK altogether. To avoid additional import and export burdens, companies have also decided to look for suppliers from other countries and another 13% percent are replacing imports with goods/services from local suppliers. Only around 30% of those surveyed still intend to look for new sales markets and product opportunities within the German-British corridor.
Full story – here
This follows earlier stories: –
UK exports to EU rebound partially after January’s slump – here
Brexit’s toll on Scotland’s exporters highlighted in Fraser of Allander-Addleshaw Goddard survey – here