UK Producers & Manufacturers Set To Take Market Share
Following the end of the Brexit transition period on 31st December 2020, many UK producers and manufacturers have had various issues to deal with however, they should look at this as an opportunity to further build their footprint in the EU and the global marketplace.
As we stand, many businesses are trying to navigate the complicated post-Brexit world but as goods keep moving and businesses get used to the new rules, there are opportunities to expand.
The key reasons why UK producers and manufacturers can thrive in this post-Brexit world can be seen as follows:
1. Increased domestic investment in R&D, technology and innovation
The UK government is pushing for more investment to improve businesses through R&D and technology and post-Brexit this will be key for the government, in the long term. Consequently, businesses will hopefully see this as a competitive advantage to their EU counterparts.
2. The weakening of the Pound
Following Brexit, the value of the Sterling will fall and for many producers and manufacturers, this will lead to increased export competitiveness.
3. Non-EU talent
With less EU immigration, UK businesses will look further afield and this could provide a much-needed expertise boost that many businesses need.
4. The re-organisation of supply chains
Brexit has caused many producers and manufacturers to rethink their supply changes and make changes to improve efficiency. This will hopefully address the productivity issue and lead to better margins for UK businesses, which in turn can lead to further investment and innovation.
5. Global trade deals
As the UK government moves further away from the EU and secures trade deals with other nations, this could well be a competitive advantage for UK producers and manufacturers when competing with other EU businesses in the global marketplace.
It will take time to see these changes to have a real impact, however, UK producers and manufacturers should be seriously looking at the long term and how they can use this to their advantage to expand both in and out of the EU.