More than 20% of manufacturers plan cuts while more than 58% plan price increases to offset costs of leaving EU
More than a fifth of manufacturing firms are planning to lay off workers to cope with the costs of Brexit, according to a survey that suggests the sector is already losing business.
More than one in 10 (11%) of manufacturers say that they have already lost contracts, according to Chartered Institute of Procurement and Supply data shared with the Observer. Unions warned companies not to use Brexit as “an excuse to lay people off”. The figures have emerged as a group of cross-party MPs and peers hope to persuade the government to reconsider its determination to leave the European Union’s customs union – a move causing serious concern among manufacturing groups.
More than half of manufacturing companies (58%) said they planned to increase prices to offset Brexit, according to the survey of about 200 supply chain managers; 46% said they had already increased costs to customers in the wake of the Brexit vote. Some manufacturers are said to be trying to find suppliers in Britain to replace lost contracts overseas, known as “inshoring”. However, John Glen, a CIPS economist, said that it may not be a simple task and companies slow to act may not survive.
https://www.theguardian.com/politics...s-after-brexit
More than a fifth of manufacturing firms are planning to lay off workers to cope with the costs of Brexit, according to a survey that suggests the sector is already losing business.
More than one in 10 (11%) of manufacturers say that they have already lost contracts, according to Chartered Institute of Procurement and Supply data shared with the Observer. Unions warned companies not to use Brexit as “an excuse to lay people off”. The figures have emerged as a group of cross-party MPs and peers hope to persuade the government to reconsider its determination to leave the European Union’s customs union – a move causing serious concern among manufacturing groups.
More than half of manufacturing companies (58%) said they planned to increase prices to offset Brexit, according to the survey of about 200 supply chain managers; 46% said they had already increased costs to customers in the wake of the Brexit vote. Some manufacturers are said to be trying to find suppliers in Britain to replace lost contracts overseas, known as “inshoring”. However, John Glen, a CIPS economist, said that it may not be a simple task and companies slow to act may not survive.
https://www.theguardian.com/politics...s-after-brexit
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