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Brexit consequences – 16 percent say no

Around 16 percent of companies stopped foreign trade with Great Britain after Brexit: the new rules are too complicated. This was the result of a survey by the British Chamber of Commerce together with advisors from KPMG.

A few months after the final Brexit, a number of companies have already drawn the consequences of the negative consequences of Great Britain’s exit from the EU. This is the result of a member survey of the British Chamber of Commerce, in Germany together with KPMG. One sixth of the companies stated that they would completely stop foreign trade with Great Britain.

Because import and export have become more complicated as a result of new controls and rules, many companies are also changing their supply chains: a good fifth of the companies surveyed wanted to switch to suppliers from other countries instead of the German-British relationship, and around 13 percent want to switch to local suppliers.

Every second company says it has had declining sales in its German-British business since the turn of the year, and every fourth even a sharp drop in sales.

“The current results are a clear alarm signal,” said the President of the British Chamber of Commerce in Germany, Michael Schmidt, according to a statement. “The fact that companies are considering or even deciding to cease foreign trade relations completely shows a further escalation level in the wake of persistent unresolved problems between the two countries.” You even get more and more inquiries from British companies who want to settle in Germany in order to maintain business relationships.

Of the 93 member firms of the British Chamber of Commerce surveyed, 80 percent are based in Germany, the rest in the United Kingdom.

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