UK firms would incur tariff costs after no-deal Brexit – CIPS survey

The latest survey conducted by the UK’s Chartered Institute of Procurement & Supply (CIPS) of 817 supply chain managers in Britain and the EU showed on Wednesday, the UK firms would incur the cost of any tariffs when buying parts from the bloc, potentially pushing up prices.

Key Findings:

“Almost 40% of British businesses with suppliers in the European Union have signed “Brexit clauses” to allow prices or other terms to be renegotiated if trade tariffs return after a no-deal departure from the bloc.

British companies are struggling to prepare for Britain’s departure from the EU - the country’s biggest trade upheaval in half a century - due to extreme levels of political uncertainty.

The survey, which monitors businesses in sectors including aerospace, construction, food and medical, also found only 22% of respondents among British firms with EU suppliers believed they had completed the paperwork to trade outside the bloc.”