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COMING UP:Share Opener Variant 4

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Transcript

00:00:00
>> A plunging pound has given UK manufacturers like Gripple, which makes building supplies a windfall since the Brexit vote. UK exports have risen in value 15% over the past year. So you think they'd be rubbing the hands. But Reuters correspondent David Milliken who headed to Sheffield to speak to Gripple and other manufacturers found them striking a cautious note.
00:00:25
>> They certainly found a boost in their profits from the weaker currency. They sell in dollars and they sell into the euros abroad. And so when they convert that back into pounds, that means more money for them. But they've also found that their costs have gone up a lot.
00:00:38
They used to use zinc as a key component for a lot of the fasting systems they make. And that is something that has pretty much doubled in price over the past year or two.>> Britain's economy relies heavily on consumer spending, so there are high hopes that a weak pound will boost exports and shift the balance.
00:00:54
Pro-Brexit media and politicians talk of an export boom, solely needed if prices keep rising and consumers start tightening their belts. But times are too uncertain for unbridled optimism, some manufacturers warn.>> In the longer term, many people who support Brexit think that it will give Britain more freedom to negotiate trade agreements overseas, which the European Union has been unable to do over the past few years.
00:01:18
However, against that, sort of many manufacturers also rely on tightly integrated supply chains across Europe. And there are concerns that Brexit is going to make that harder. That they'll also face delays at customs, they may also face higher tariffs importing raw materials into the UK, and exporting them.
00:01:35
>> Reuters' findings suggest many exporters are wary of the sweet spot they find themselves in. They're holding back from any sudden spending spree, warning that theirs is a long game.