EU Companies to Reduce Orders from UK due to Slow Brexit Progress

Greater number of European businesses intends to cut down their orders from British suppliers because of the passive development on Brexit discussions, as indicated in the survey conducted among company managers released on Monday. There are 63 percent of non-British European firms expected to cut down their supply to get off from the UK, this is relatively higher from 44 percent recorded in May according to the Chartered Institute of Procurement and Supply (CIPS). The Great Britain has 17 months remaining before leaving the EU but the slow progress raise concerns of the executives about sudden exit without a proper transition. The poll yesterday showed the anticipation of UK manufacturers towards European customers.

The  Confederation of British Industry mentioned on Sunday that there are two over three British firms expected to put into action the Brexit contingency policy in March, if ever that both countries will not engage on a transitional agreement by that time. In the previous week, the UK and EU agreed to rush the negotiations, however, the CIPS believes that businesses are in the lurch to gain scores due to the possible decline of EU clients.