71% of procurement professionals in banking and finance say Brexit uncertainty
A high proportion of banking and finance firms say that making long-term plans in their business has been made more difficult as a result of Brexit, according to the Chartered Institute of Procurement & Supply (CIPS).
A survey of 2,111 supply chain managers across all sectors also found that 32% of UK businesses who work with suppliers on the continent are actively looking for alternative suppliers based in the UK. The banking and finance sector posted a higher response at 36%.
The longer-term impact is bad news for suppliers to the sector as 36% of respondents said that input costs for the sector would have to be negotiated lower.
In addition, 29% of respondents were concerned about free movement of people and 25% felt UK negotiators lacked the necessary skills for Brexit discussions.
For the full banking and finance, global and other sector results download: The Brexit Storm – how procurement and supply chain professionals are tackling the issues. Due to major interest in the survey at launch, a fuller report was produced at a later date with more detail.
How are UK supply chain managers preparing for Brexit in banking and finance?
Increased difficulty in maintaining long international supply chains – 50%
Supply chains becoming more expensive – 58%
Looking for UK suppliers as a result of Brexit – 36%
Contracts being negotiated – 24%
No immediate impact – 46%
Mapping costs of potential tariffs – 44%
Making long-term plans difficult – 71%