Executives at one in 10 U.K. companies fear their businesses could go bankrupt if imports faced 10- to 30-minute customs delays due to Brexit, according to a survey by the Chartered Institute of Procurement & Supply released Wednesday. The number of U.K. companies expecting to go out of business increased to 14% if customs delays reached between one and three hours, and to 15%, should customs procedures take between 12 to 24 hours, the survey found. “Customs delays would not only affect businesses but would also lead to a shortage of products on shelves.”Twenty-three percent of U.K. businesses plan to stockpile goods in the future, while 4% have already started to do so. More than 20% of a total of 850 U.K. businesses questioned for the survey said they are planning to do so. Almost two-fifths of U.K. businesses that took part in the survey said they can’t make the necessary preparations yet as potential future trade agreements between the U.K. and the EU are still unclear.

Source: Wall Street Journal September 26, 2018 03:56 UTC