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Bottlenecks and stockpiles: UK firms in last Brexit stretch

British companies are ramping up preparations ahead of Brexit, spearheaded by the food and drink sectors stockpiling extra ingredients and bottles.
"Get ready for Brexit" is the UK government's slogan ahead of the nation's scheduled departure from the European Union on October 31.
Billboards up and down the country are carrying the message as part of a state-funded advertising campaign that also features leaflets, online information and a roadshow where businesses can further seek advice.
"We are preparing for the potential impact of the UK's departure from the European Union by building stocks of key ingredients and equipment that could be affected by disruption to the flow of goods into the UK," bakery chain Greggs said this week, addressing customer concerns that they could struggle to get hold of its famed sausage rolls.
The government's own forecasts show Britain potentially running out of food and vital medicine -- and seeing riots on the streets in the event of a 'no-deal' Brexit.
The problems stem from decades of interdependence that saw goods and services to flow freely and without customs checks.
Businesses fear that even brief border inspections would plug up trade routes and grind their operations to a halt.
- 'There will be shortages' -
"The big problem is that there is still, unbelievably, such uncertainty," said Rosalind Sharpe from the Centre for Food Policy Research at City, University of London.
"Companies really don't know what will happen and in that situation they have to plan as best they can," said Sharpe, who has studied the impact of Brexit on Britain's food supply.
"Steps have been taken but it's beyond doubt that if we leave on October 31 without a deal there will be chaos at the ports, there will be shortages," she told AFP.
Bank of England governor Mark Carney last month acknowledged "improvements in preparedness" but still forecast a shortfall in British GDP of 5.5 percent in the event of no-deal.
The government's 'Get ready for Brexit' campaign includes advice on the exporting and importing of goods and services, as well as on the movement of goods between Ireland and Northern Ireland.
British Prime Minister Boris Johnson's fresh Brexit deal proposals this week are aimed at preserving a free-flowing border between British-run Northern Ireland and the Republic of Ireland in the European Union.
However, the European Parliament's Brexit steering group have said that the proposals do not "represent the basis for an agreement".
At UK-based Daniel Lambert Wines, bottles from around the globe are being stockpiled at a greater rate.
"Normally we would have a four-month (inventory). Now it is at about six months," owner Daniel Lambert told AFP.
"We're fully prepared but we are worried about a rise in costs," he said, adding that his import charges had already risen owing to a Brexit-fuelled slump in the pound.
And while Britain's economy stands close to recession on both Brexit uncertainty and a global economic slowdown, UK retail sales have won support in recent months from consumers stockpiling goods such as tinned foods ahead of the EU exit.
source : AFP
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BENEFIT AGM approves 10%...
- March 27, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).
Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.
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