Leaving EU is a ‘game-changer’ for UK manufacturing with two-thirds of companies believing the instability will be bad for the economy.
Deep uncertainty caused by Theresa May’s drive to Brexit has left one in three manufacturing firms planning to shift some operations out of the UK, a damning report reveals today.
The study from consultancy firm KPMG found that China and India – two countries Ms May is desperate to secure greater trade with – are set to be the main beneficiaries from the potential exodus.
The risk of the UK failing to secure any sort of future trade deal with Europe – something Ms May has threatened if Parliament does not approve the deal she agrees with Brussels – was cited as a key potential fear.
It comes just weeks before Philip Hammond gives his Budget, with the Government under pressure to help struggling companies and amid reports of big firms like HSBC and PWC potentially shifting hundreds of jobs out of the UK.
The report said that Brexit had become a “game-changer” for UK manufacturing with two thirds of firms believing the instability from Brexit would be bad for the economy generally.
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Source: Independent – GAI