Brexit: What Happens Next?
After many months of protracted political debate, there is just a month to go until Brexit happens. Though this date is all but certain, there is still plenty of doubt as to just what the split from the EU will involve and how it will affect trade across the board.
NWTT has always prided itself on the strong, safe business relationships we have with our customers and we fully intend to ensure that these relationships are maintained during and after Brexit. On a practical level, this means ensuring that there is no interruption of product supply and that our prices remain unaffected wherever possible.
At the end of this month, there is strong potential that new trading terms will be agreed between the UK and the EU. An immediate effect of the introduction of such terms could be congestion at international ports combined with administrative delays in the movement of goods. Though NWTT purchase the vast majority of products from within the UK, a large proportion of the raw materials we use are sourced in Europe.
Over the past few months, NWTT has been investing significant funds to boost our levels of stock, ensuring that we will not be dependent on imports immediately after March 2019. Stocks of our many finished products will be maintained to peak capacity and we have reorganised our warehouse premises in order to maximise storage space.
In the event of a 'no deal' scenario, imports from the EU may be subject to new import duties. Should this be the case, NWTT will have no option but to increase our price levels correspondingly, a move which would also reflect increasing transportation costs and handling charges.
We are committed to doing everything within our power to mitigate the impact of the upcoming changes, aiming to continue with the safe and consistent supply of our products to our customers. Should you have any queries please do not hesitate to contact Andrew Foster or Sam Mayor who will be more than happy to talk with you.