Supply chain issues have cost the UK and eurozone around a year’s worth of GDP growth. New data indicates that the UK currently forfeits more than £12 billion in lost sales due to the disruption.
Over the last decade, companies have repeatedly been warned that a failure to secure their supply chains would lead to material shortages. Long before the impacts of the global energy crisis, the war in Ukraine, the pandemic, or even the chaotic conclusion of the Brexit process, a mounting body of evidence suggested that companies in all sectors were over-confident in their global procurement capabilities.
According to a new study from TMX Global, supply chain problems are now costing the UK economy over £12 billion a year in lost revenue. The end-to-end supply chain consultancy launched its first European hub in London earlier in 2023 and believes that even more money may be on the line in the future if firms do not act now.