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The UK manufacturing sector contributes £6.7 trillion to the global economy, represents 11% of GVA and employs approximately 2.7 million people with the UK being the eighth  largest industrial nation.  The impact and uncertainty of Brexit is beng felt by manufacturers in the economy. 

Points to consider in these uncertain times:

  • The value of the pound will see import costs increasing as the pound falls and exports will fall without new trade deals, however, exports will become more atractive for overseas customers and new trade agreements outside of the EU will open up opportunities.

  • Red tape and legisation will increase as access to the single market is lost and potentially there will be increased tariffs and import/export complications but legislation, in the longer term may be lessened as we are not bound by EU regulations.

  • Resource availability may be challenging, as working in the UK is less attractive to overseas workers and foreign investments could fall, due to trade costs tariffs and uncertainty. However, the UK will “save” circa £13 billion it currently pays to the EU budget. Demand is likely to fall due to uncertainty and investment uncertainty will lead to a lack of confidence and investment, delays in decisions will occur.

Other points to consider:

Imports, exports, supply chain, transportation, labour issues, shortages of materials, stock piling, warehouse space, trade agreements, barriers to trade, funding requirements and funding lines.

  For the latest government information during the transition period, please visit https://www.gov.uk/transition.

Brexit Checklist

Whilst the question is a national one, it impacts on all UK manufacturers so, as a UK manufacturer, the questions to ask yourself are:

  • What is your contingency plan?
  • What does “no deal” mean to your business?
  • What will be the biggest impact on your business?
  • What will keep you awake at night!

Ask David from our Brexit team

David Richmond
Accounting Partner

If you have a question on any Brexit related issues, please submit it here

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