A new piece of research, of 500 firms, has discovered that European businesses have already cut ties with existing British suppliers.
The study was carried out by RSM (a professional services firm) in collaboration with the European Business Awards, who discovered almost ten per cent had moved away from British exports, citing issues over Brexit, reports the City AM.
Jean Stephens, chief executive of RSM International, said: “Internationally-minded businesses are currently experiencing one of the most prolonged periods of global economic uncertainty in recent memory.
“Middle market businesses are resilient and have often come through extremely challenging periods to grow from a start-up to an established and thriving company.
“If trade barriers continue to increase, many of these businesses will need to draw from those experiences yet again. The companies we serve require certainty and predictability in order to plan for the future.”
A no deal scenario is looking more likely, Sammy Wilson, the DUP’s Brexit spokesman, said it was almost inevitable the UK would end up with no deal.
Wilson told the Belfast Newsletter: “Given the way in which the EU has behaved and the corner they’ve put Theresa May into, there’s no deal which I can see at present which will command a majority in the House of Commons. So it is probably inevitable that we will end up with a no-deal scenario.”
Dominic Raab arrived in Brussels yesterday for talks, and any deal is being held up by concerns over the backstop agreement to prevent a hard border in Ireland.
