London - 3rd December, 2018
Shannon Murphy, assistant head of risk underwriting and manufacturing expert at Euler Hermes, the world’s leading trade credit insurer, said:
"Most manufacturers we speak to hope the deal Theresa May has negotiated with Brussels passes through Parliament. The ongoing uncertainty has already impacted sales and many have postponed investment decisions until they have a clearer picture.
"The automotive sector, long seen as the jewel in the crown of UK industry, stands to lose the most if a deal fails to materialise and WTO tariffs are imposed. Concerns will have been exacerbated by the latest SMMT figures, which show a near 10 per cent dip in UK car production year-on-year.
"Overall, a slowdown in orders across the European market, Brexit and the ongoing feud between the US and China have combined to create a portfolio of problems for British manufacturers. Businesses have largely been resilient, but some stability will be welcomed after a challenging year."
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