Survey finds Brexit likely to affect compliance costs in chemical industry

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24th October 2016 17:16 - Chemicals

Survey finds Brexit likely to affect compliance costs in chemical industry: According to warnings from the Chemical Business Association (CBA), the cost of regulatory compliance for operators within the chemical distribution industry will increase further, with Brexit being unlikely to bring any notable regulation changes to the chemical industry.Survey finds Brexit likely to affect compliance costs in chemical industry

The survey of Chemical Business Association members revealed that approximately four in five (79 per cent) were not anticipating the chemical distribution’s regulatory framework to be changed significantly in the wake of Britain’s departure from the European Union.

The Chief Executive of the Chemical Business Association, Peter Newport, said that its members are sure that the costs of regulatory compliance will increase even further.

Newport also added that the uncertainty following the Brexit vote is unwelcome in regards to the Chemical Business Association’s businesses. He suggested that the survey findings indicate that the main effect the Brexit vote has had is that it has damaged business optimism and investment plans.

Of the respondents, 56 per cent claimed that they were not as optimistic as they once were about their business’ prospects following the Brexit vote. Just 9 per cent of the respondents said that they were more optimistic.

Approximately 29 per cent of the respondents said that they had reduced their investment plans as a direct result of the Brexit vote. On the other hand, 12 per cent said that they intended to increase their investment in the next three years,

The Chemical Business Association boasts high profile members such as Dascher, HazChem Network, Neill & Brown, Potter Logistics and HW Coates. The Association’s members employ in excess of 8,700 people and move around 4 million tonnes of chemicals with a total market value of £2.5 million or €3 billion.

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