More EU companies seeking new suppliers as Brexit talks stumble

Oliver Haill WebFG News | 06 Nov, 2017 10:08 | | |

electronic parts warehouse, electricals, technology

Almost two thirds of continental European companies plan to use fewer components from the UK due to Brexit, new research revealed on Monday that showed a significant escalation in fears after exit negotiations hit a deadlock.

A survey from the Chartered Institute of Procurement and Supply (CIPS) found 63% of non-British European companies expected to move some of their supply chain out of Britain, up from 44% five months ago.

Meanwhile, 40% of UK businesses have begun looking for domestic suppliers due to similar concerns, up from 31% in May.

CIPS surveyed 1,118 supply chain managers in the UK and Europe.

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