SMEs and supply chains: Can they get ahead of the curve?
A Brexit deal is 'almost within touching distance', according to Cabinet Office minister David Lidington interviewed on BBC Radio 4’s Today programme. What will this mean for UK businesses?
Without knowing the exact bend of the curve, companies, small and large alike, need to look to their supply chains to stand any hope of ensuring a continuous flow of goods, services, labour and capital. It comes as no surprise that product-based firms, for example, manufacturers and retailers, rely heavily on their supply chains that include European suppliers. Brexit will inevitably disrupt these supply chains and damage our already under-performing economy, leading to inflation and potentially recession.
Beyond the stories of companies that are already Brexit stockpiling, professional and financial service firms, which constitute a £188 billion sector, will be one of the most affected by Brexit. The UK professional service firms deliver about £66 billion worth of services to companies outside the UK. Brexit could massively affect the bottom line of these companies.
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