British businesses are cutting ties with China due to concerns about political tensions, a shift that is likely to stoke inflationary pressures, the head of the Confederation of British Industry (CBI) said in an interview published on Saturday.
“Every company that I speak to at the moment is engaged in rethinking their supply chains ... because they anticipate that our politicians will inevitably accelerate towards a decoupled world from China,” CBI Director-General Tony Danker was quoted as telling the Financial Times newspaper.
China was Britain’s biggest source of imported goods in 2021, accounting for 13% of the total, while it was the sixth-largest destination for goods export. However, British security concerns have risen in recent years, fuelled by disagreements with China over Hong Kong and other issues.
The head of Britain’s foreign intelligence service said China was now his top priority, ahead of counter-terrorism work.
Published in The Express Tribune, July 31st, 2022.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
1723101439-0/kanye-(2)1723101439-0-405x300.webp "article")
1719053250-0/BeFunky-collage-(5)1719053250-0-270x192.webp "non solar consumers bear rs200b burden")
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ