Coatings Companies Report Subdued Confidence as Brexit Nears, Says BCF
LONDON - The latest statistics from the British Coatings Federation (BCF) show subdued confidence in the UK coatings industry with companies taking a more pessimistic view on the outlook for paints, coatings and printing inks sales in the remainder of 2017. The Federation’s Business Confidence Index is now at its lowest level since the survey began in 2012 with BCF attributing much of this to the uncertainty caused by Brexit.
The BCF’s tri-annual Business Confidence Survey canvases coatings companies on their opinions towards future sales, employment and investment. The survey’s lower confidence trend coincides with findings from the UK chemical industry supply chain Brexit survey, where 76% said they viewed Brexit as a risk rather than an opportunity.
Tom Bowtell, Chief Executive of the BCF, said, “Our members are calling for regulatory harmony. Our recent survey found that over 70% of companies said a separate UK chemical regulatory system would be bad for business. Further findings revealed that without access to the single market, 20% will move their businesses from the UK. The BCF is therefore calling on government to provide clarity as we get closer to leaving the EU, and address in particular, the future of trading arrangements for our members’ products and alignment of chemical regulations.”