In March 2018, Bord Bia launched the second Brexit Barometer. The Brexit Barometer measured the progress of the Irish food and drinks industry's preparedness for Brexit, the Barometer also ensured that the services and programmes offered by Bord Bia are tailored to the needs of our clients. Through an online platform, input from 117 client companies, collectively representing 48% of Irish food and drink exports to the UK, was received.
Brexit Barometer Findings
The findings from the 2018 research points to a culture of preparedness taking hold across the industry. While 60% of respondents expressed uncertainty as to the impact of Brexit on their businesses, 73% have now taken some steps to address potential outcomes. 54% of companies are now tailoring marketing strategies for the UK market, a significant rise from 39% in 2017. Alertness to supply chain issues has also seen a major uptake. Some 67% of respondents expressed awareness of their supply chain partners’ readiness for Brexit, more than double the 2017 figure of 32%. Finally, it is encouraging to see a strong and active commitment to market diversification taking hold across the industry. In all, 85% of respondents are actively seeking out business in new markets with 75% reporting sales growth beyond the UK in the last year.
The full findings from the 2018 Brexit Barometer can be found at the link below.
Brexit Barometer Recommendations
One of the key outputs of the Brexit Barometer is the Recommendations Report. The report provides guidance related to each of the risk themes – UK customer relationships, supply chain, customs and tariffs, financial resilience, market diversification and emerging risks - to help Irish food and drinks manufacturers review, understand and mitigate potential impacts to their business. Each section includes ‘how to guidelines’ accompanied by a check list to help guide manufacturers through potential next steps and actions to consider.
If you would like to find out more about the Brexit Barometer, please contact email@example.com.