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71% of procurement professionals in banking and finance say Brexit uncertainty make plan difficult PDF Print E-mail
Tuesday, 22 August 2017
71% said uncertainty making long-term plans difficult
58% said supply chains becoming more expensive
36% of procurement professionals in the banking and finance sector looking for UK suppliers as a result of Brexit
44% mapping costs of potential tariffs
46% said there was no immediate impact

A high proportion of banking and finance firms say that making long-term plans in their business has been made more difficult as a result of Brexit, according to the Chartered Institute of Procurement & Supply (CIPS).

A survey of 2,111 supply chain managers across all sectors also found that 32% of UK businesses who work with suppliers on the continent are actively looking for alternative suppliers based in the UK. The banking and finance sector posted a higher response at 36%.

The longer-term impact is bad news for suppliers to the sector as 36% of respondents said that input costs for the sector would have to be negotiated lower. In addition, 29% of respondents were concerned about free movement of people and 25% felt UK negotiators lacked the necessary skills for Brexit discussions.

How are UK supply chain managers preparing for Brexit in banking and finance?
Increased difficulty in maintaining long international supply chains 50%
Supply chains becoming more expensive 58%
Looking for UK suppliers as a result of Brexit 36%
Contracts being negotiated 24%
No immediate impact 46%
Mapping costs of potential tariffs 44%
Making long-term plans difficult 71%
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