This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.theguardian.com/business/2019/jun/03/no-deal-brexit-would-be-economic-lunacy-say-make-uk-manufacturers
The article has changed 3 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| No-deal Brexit would be economic lunacy, say UK manufacturers | No-deal Brexit would be economic lunacy, say UK manufacturers |
| (about 2 hours later) | |
| Britain’s biggest manufacturing organisation has described the prospect of the UK leaving the EU without a deal as “economic lunacy” amid a slump in business investment intentions. | Britain’s biggest manufacturing organisation has described the prospect of the UK leaving the EU without a deal as “economic lunacy” amid a slump in business investment intentions. |
| Multiple candidates to replace Theresa May as Conservative party leader and prime minister have said they would push for Brexit on 31 October, whether or not a deal has been agreed – against the warnings of every major business lobby group. | Multiple candidates to replace Theresa May as Conservative party leader and prime minister have said they would push for Brexit on 31 October, whether or not a deal has been agreed – against the warnings of every major business lobby group. |
| The candidates in favour of leaving with or without a deal include the bookmakers’ favourite, Boris Johnson, and Andrea Leadsom, Dominic Raab and Sajid Javid. | The candidates in favour of leaving with or without a deal include the bookmakers’ favourite, Boris Johnson, and Andrea Leadsom, Dominic Raab and Sajid Javid. |
| Stephen Phipson, the chief executive of Make UK, which represents 20,000 British manufacturers, said it would be “the height of economic lunacy to take the UK out of the EU with no deal in place”. | Stephen Phipson, the chief executive of Make UK, which represents 20,000 British manufacturers, said it would be “the height of economic lunacy to take the UK out of the EU with no deal in place”. |
| A survey of 344 Make UK members found that a balance of only 6% of manufacturers had increased investment in the second quarter of the year, the lowest level since the final quarter of 2016, in the aftermath of the EU referendum in June. | |
| The balance of manufacturers intending to increase hiring in the next three months fell to only 6% from 16% in the previous quarter. | |
| At the start of the year the sector was boosted temporarily as companies stockpiled goods and parts to prepare for potential disruption to cross-border trade on 31 March, the original date for Brexit. In a no-deal Brexit the UK’s trading relationships would default to that of the World Trade Organization. | At the start of the year the sector was boosted temporarily as companies stockpiled goods and parts to prepare for potential disruption to cross-border trade on 31 March, the original date for Brexit. In a no-deal Brexit the UK’s trading relationships would default to that of the World Trade Organization. |
| Phipson said the manufacturing sector, which accounts for about 10% of the UK economy, was on a “clear weakening trend, which, if it continues, would push some elements of industry over the edge before too long”. | Phipson said the manufacturing sector, which accounts for about 10% of the UK economy, was on a “clear weakening trend, which, if it continues, would push some elements of industry over the edge before too long”. |
| He said: “Earlier this year there was clear evidence that industry was on steroids as companies stockpiled. Underneath, however, there is now growing evidence of European companies abandoning UK supply chains, while Asian customers balk at the unknown of what may exist as the UK leaves trade agreements which operate under EU rules.” | He said: “Earlier this year there was clear evidence that industry was on steroids as companies stockpiled. Underneath, however, there is now growing evidence of European companies abandoning UK supply chains, while Asian customers balk at the unknown of what may exist as the UK leaves trade agreements which operate under EU rules.” |
| Manufacturing sector | Manufacturing sector |
| Brexit | Brexit |
| Economics | Economics |
| Conservatives | Conservatives |
| news | news |
| Share on Facebook | Share on Facebook |
| Share on Twitter | Share on Twitter |
| Share via Email | Share via Email |
| Share on LinkedIn | Share on LinkedIn |
| Share on Pinterest | Share on Pinterest |
| Share on WhatsApp | Share on WhatsApp |
| Share on Messenger | Share on Messenger |
| Reuse this content | Reuse this content |