Brexit is really starting to hurt UK industry, according to trade association CESA.
The latest Brexit Watch, produced by EURIS, (European Union Relationship and Industrial Strategy), of which CESA is a founder member, makes ‘difficult reading’, according to the association.
CESA chair Glenn Roberts said: “The indicators we look at are, for the most part, disappointing. The stats underline the need for a Brexit that gives our industries what they want – especially access to the single market and access to the EU workforce.”
The latest EURIS Brexit Watch results come exactly a year after the referendum.
The main points include Sterling’s average exchange rate falling by 1.1%, the Consumer Price Index rising by 2.9% in the year to April, and turnover falling across the four monitored manufacturing industries in April 2017.
While the industry is currently suffering from some financial lulls, Brexit has seen a few positives come into play, however.
Business investment for all industries grew by 0.6% to £43.8 billion in 2017 Q1 while exports fell in value terms by 0.1% in April 2017, to £49.8 billion, compared to April 2016 export growth was up by 10.2%.
“We’ll continue to lobby and negotiate with the government for a Brexit that works,” said Roberts. “In the short term, however, it looks like business is going to be difficult for many manufacturers and suppliers.”