As with all industries, the fear and uncertainty of a no-deal Brexit is constantly tapping businesses on the shoulder. Every industry may face an independent Brexit-related issue of their own, however issues have come to light particularly for the UK printing industry following recently released data.
Much like manufacturing and haulage companies, UK printing businesses face supply uncertainties following a potential no-deal Brexit. In particular, ink and paper supplies are at the top of these companies’ concerns when determining future trading.
A survey completed by the British Print Industry Federation (BPIF) identified that, for 77% of respondents, the main Brexit-related worry was having and maintaining a reliable supply chain. The survey included 131 companies and took place in April this year. This worry comes from the assumption, also shared by haulage and manufacturing companies, that there will be delays and hold-ups at ports following a no-deal EU exit.
Research, undertaken by the BPIF, shows that 50% of printing exports are to the European Union and 41% of imports are from the EU. This indicates what kind of effect a disorderly EU exit could have on the UK print industry. The federation recently released their UK Printing Facts and Figures 2019 report, identifying the UK as the world’s fifth largest producer of printed products.
As with the majority of industries that involve suppliers from the EU, it appears to be a waiting game. However, most businesses do not want to wait and instead would like some reassurance on what is to be expected after the UK leaves the EU on 31 October.
This is why organisations such as BPIF are urging printing companies to make early plans for the changes that are expected.
Despite worries, they suggest that the industry is in a better place to change and adapt than it was a number of years ago.
At Skipton Business Finance, we work closely with businesses in the printing industry. We offer a number of finance solutions that can help printing businesses gain the support and financial security that they might require when faced with the potential threats of a no-deal Brexit. To find out more information about the solutions we offer, please visit here.