Counting the Brexit trade cost

Britain’s manufacturers carried the costs of supply chain disruption in February as Brexit and the third COVID-19 lockdown weighed down growth in factory production. [Shutterstock/m.mphoto]

Britain’s manufacturers carried the costs of supply chain disruption in February as Brexit and the third COVID-19 lockdown weighed down growth in factory production, according to the IHS Markit and the Chartered Institute of Procurement & Supply survey on Monday.

58% of companies reported longer delivery times from suppliers, while only 2% saw an improvement, further evidence of the ‘teething problems’ that UK ministers admit have hurt businesses in the first two months of the new EU-UK trade relationship.

While businesses are expected to quickly adjust to the new paperwork requirements to import and export to the EU’s single market, the changes are likely to impose long-term additional costs to doing business. (Benjamin Fox | EURACTIV.com)

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