Bibby Financial Services comments on the Bank of England’s agents report
Phil Tobin, managing director for trade finance at Bibby Financial Services, commented:
“Companies must heed the Bank’s warnings and prepare for the worst. We believe more consideration must be given to importers. The UK does not have the luxury of being a manufacturing powerhouse like Germany and the UK excels best when it embraces all forms of trade. One way of doing so is by stockpiling components and rearranging logistics, at BFS we’ve recently announced new measures to help with prepayments, these will help UK importers to pay overseas suppliers in advance of goods being manufactured and shipped and increase their bargaining power.”
