Top Stories
British firms eyeing precautionary stockpiling before Brexit
Last Updated: 2018-12-04 08:02 | Xinhua
 Save  Print   E-mail

The British companies are eyeing precautionary stockpiling of goods as Brexit poses threat to disrupt logistics of food and beverage as well as pharmaceuticals.

"Food and beverage, which uses a lot of inputs coming from abroad, is facing an unprecedented challenge with the possibility of shortage due to Brexit. As a result, several companies are planning to boost their inventories to make sure that their production plan won't be stopped," a quarterly report from the EEF, the manufacturers'organization, said on Monday.

Another sector that have seen inventories rising sharply is pharmaceuticals as companies are trying to avoid Brexit related disruption, the report said.

In the last quarter this year, companies are putting in plans to increase inventory levels ahead of Britain's exit from the EU while exports which have boosted the manufacturing sector over the last few years appear to hit the brakes, according to the report.

The sharp decline in export orders is a real cause for concern, Tom Lawton, head of manufacturing at the accountancy firm BDO, said. "There are likely to be a number of causes for the fall in exports this quarter; uncertainty over our future relationship with the EU being the main one."

British Prime Minister Theresa May is battling to get her deal through the parliament and the vote is due on Dec. 11 after days of parliamentary debate. If the deal is rejected, Britain might risk no-deal Brexit.

Stephen Phipson, chief executive of EEF, said: "The moderation in manufacturing performance over the course of this year appears to have gathered pace during the final quarter, with more clouds on the horizon than there have been for some time."

"This should come as no surprise given the significant political uncertainty at home, which is why it is essential that there is an agreement for the UK's withdrawal as soon as possible,"Phipson said.

(Editor:王苏)

Share to 
0
Related Articles:
BACK TO TOP
  • Sports
  • Soccer
  • Basketball
  • Tennis
  • Formula One
  • Athletics
  • Others
  • Entertainment
  • Celebrity
  • Movie & TV
  • Music
  • Theater & Arts
  • Fashion
  • Beauty Pageant
Edition:
Link:    
About CE.cn | About the Economic Daily | Contact us
Copyright 2003-2024 China Economic Net. All right reserved
British firms eyeing precautionary stockpiling before Brexit
Source:Xinhua | 2018-12-04 08:02
Share to 
0