British plastic keeps calm and carries on

The most appreciable consequence is the depreciation of the pound sterling (GBP) by 11%. While this is likely to affect the earnings of many plastics companies, it will take months or years before the exit negotiations are concluded to an extent that creates greater changes in the industry, according to the article.

 

The London-based British Plastics Federation (BPF) lists 6,200 plastic companies in Britain, with packaging companies such as RPC, Linpac and DS Smith dominating the market at 38 percent. Last year the industry recorded £23.5 billion in sales, the article says.

 

The decision also likely will lead to fewer overseas companies, such as Toyota, using the U.K. to gain a foothold in the EU market. 

 

PIE reports that most officials and spokespeople questioned about the vote were maintaining neutral attitudes.

 

“Because the exact consequences of this vote are not yet known, the BPF will, together with the government and our members, continue to ensure that the interests of the British plastics industry are heeded,” said Philip Law, general secretary of the BPF.