A no-deal Brexit will be a real challenge for many but a big win for manufacturers looking to broaden their trade internally across the UK.
It will obviously have significant implications for those importing and exporting goods, increasing costs, reducing margins and extending lead times even further. However, it will likely increase trade within the UK, with businesses looking closer to home to provide a reliable source of goods. In fact, a survey conducted by Lloyds Bank found that of manufacturers who believed a no-deal Brexit would be positive, 61% attributed this to increased demand from domestic buyers.
Faced with potential issues importing or exporting goods across EU borders, we will see growth in certain industries as production and trade within UK borders increases. Overall, after a period of disruption, it’s likely that the majority of manufacturers will be able to adapt and return to pre-pandemic business revenues.