BMF links continued growth to low tariff Brexit deal
Published: 06 March, 2017
Data collected by the Builders Merchants Federation (BMF) has found that builders’ merchants had a strong end to 2016, and anticipate increased growth this year, despite sector concerns about the impact of Brexit.
A majority of the BMF’s members achieved sales growth above 5% in the final quarter of 2016, when compared the same period in 2015.
The BMF is now calling on the Prime Minister to secure a new customs agreement based on low or zero tariffs. Otherwise, current trading benefits such as no need to pay duties at borders, provide rules of origin declarations, or declare VAT prior to sale, are at risk post Brexit.
John Newcomb, managing director of the BMF, said: “These results show that builders’ merchants are helping to drive growth across the country. We remain cautiously confident about the future and expect to see continued growth in the sector as 2017 progresses.
“However, the government must work hard to ensure that there is a suitable customs agreement in place when Britain leaves the EU in order to maintain its commitments to housing and construction projects across the UK.”