Consumers paying price for Brexit

Posted on May 13 2018 - 8:30am by Editorial Content
RATING

Consumers are paying the price for Brexit uncertainty as businesses pass on increased costs in the supply chain to consumers.

In a survey by The Chartered Institute of Procurement & Supply (CIPS), 60% of UK businesses with EU suppliers say that currency fluctuations since the vote to leave the EU have made their supply chains more expensive to manage.

Nearly one third (32%) of UK businesses with EU suppliers have already increased their prices following the Brexit vote, with a further 41% planning to do so.

In addition, 23% of UK businesses plan to reduce the size of their workforce to offset Brexit-related costs, while 11% of EU companies have moved some of their workforce out of the UK since the Brexit vote.

www.cips.org

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