A new study suggests that almost a fifth of British exporters (18 per cent) have already adjusted their businesses to divert exports away from the EU due to uncertainties and potential restrictions presented by Brexit.
The report produced by Lloyds Bank and Aston Business School shows that since the Referendum result in June 2016 some £50 billion worth of exports have been diverted.
Gwynne Master, global head of trade for Lloyds Bank said, “This year in particular, our business customers have faced a myriad of challenges not least of which is the global pandemic. Despite this, businesses are taking big strategic steps that will change the shape of their import and export business and the future of this great trading nation for years and decades to come.”
A poll of 1,200 British businesses in October found that 24 per cent of UK businesses and 29 per cent of exporters had made changes to their supply chain because of Brexit, while around 26 per cent of exporters said they had diversified to create new opportunities outside the EU.
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