EURIS Brexit Watch - October 2019
24 October 2019
We have been running the Brexit Watch for EURIS since the referendum result in 2016, and this has provided a valuable record of the ongoing impact Brexit has had on currency, employment and investment in UK manufacturing.
EURIS represents the industry with a combined turnover of £153.3 billion with a workforce of 1,118thousand. Our role as trade organisations supporting EURIS is to protect and ensure continued growth of our sectors in the UK and we continue to work closely with UK Government on ensuring a business-friendly exit from the EU and we will support and represent our industries in following trade negotiations.
While employment rates are marginally up, and export has increased, this quarter we are publishing Brexit Watch outlining a dramatic fall in manufacturing investment of 22.5% for the last 3 months reported (April -June 2019). The last time a fall like this was observed was in 2009. This is evidence of a struggling investment landscape we have been reporting to BEIS for some time now, and something that needs to be taken incredibly seriously. We have requested an urgent meeting to discuss the action that can be taken to now bolster UK manufacturing productivity.
We will keep publishing Brexit Watch for the next months to track the impact of this fall in investment and all other economic indicators. This information will be vital for all companies in the electrical, and mechanical industries as the details of the post Brexit outcome become clearer in the coming weeks and months. EURIS continues to clearly state a no-deal outcome would be the worst outcome for our sectors.