About 16 percent of companies halted foreign trade with Great Britain after Brexit: the new rules are too complicated. This was the result of a survey conducted by the British Chamber of Commerce with consultants from KPMG.
A few months after Brexit, a number of companies have already figured out the implications of the negative consequences of Great Britain’s exit from the European Union. This is the result of a survey conducted by members of the British Chamber of Commerce in Germany jointly with KPMG. One-sixth of the firms stated that they would completely stop foreign trade with Great Britain.
As import and export become more complex due to new controls and rules, many companies are also changing their supply chains: a fifth of companies surveyed wanted to switch to suppliers from other countries rather than the German-British relationship, and about 13 percent wanted to switch to Local suppliers.
Every second company says it has seen a drop in sales of its German-British business since the start of the year, up to every fourth sharp drop in sales.
“The current results are a clear warning sign,” the head of the British Chamber of Commerce in Germany, Michael Schmidt, said in a statement. “The fact that companies contemplate foreign trade relations or even decide to stop them altogether shows an additional level of escalation in the wake of the persistence of unresolved problems between the two countries.” Even one is receiving more and more inquiries from British companies who wish to settle in Germany in order to maintain business relations.
Of the 93 member firms of the British Chamber of Commerce surveyed, 80 percent are in Germany, and the rest in the United Kingdom.