Companies to look east after Brexit
Four out of five British manufacturers are building new relationships in markets outside the European Union as they prepare for a sharp fall in orders from the bloc after Brexit.
Almost half the sector is looking east to boost trade as the UK prepares to leave the EU, with a new study showing that 44 per cent of companies are attempting to strengthen ties with Asia.
Researchers have found stark pessimism regarding European demand for British products after Brexit, with 81 per cent of manufacturers expecting their orders from EU countries to fall.
Manufacturing represents 11 per cent of Britain’s economy but generates 44 per cent of its trade. The industry directly employs 2.6 million workers.
A report by Sheffield Hallam University and SSG Insight found 83 per cent of companies in the sector were preparing for a hard Brexit by forging new relationships outside the EU.