Daily Management Review

British chemical companies: Damage from leaving the EU will reach $ 660 million


03/01/2019


Companies will have to create their own database of chemical products, the cost of which will be about 500 million pounds sterling.



pixabay
pixabay
About this in an interview with Reuters, said the head of the Chemical Industries Association Stephen Elliott. After leaving the European Union, British companies will lose access to the Chemical Classification and Labeling (REACH) database maintained by the European Chemicals Agency (ECHA).

The head of the British industry organization noted that the plans of the British authorities to copy the overall structure and provisions of the European database are not encouraging to chemical companies in the country. According to him, the companies have been entering data into REACH for 10 years, and creation of a similar database will cost Britain approximately 500 million pounds (about $ 660 million)

The British companies Croda, Ineos, Johnson Matthey, Synthomer and several others that make up the chemical industry of the country, export about 60% of their products to the EU, representing the second largest export sector in the UK and generally being the second largest industrial sector of the country after the automotive industry.

The situation with the exit from the EU, has already led to negative consequences for this segment of the British economy. A number of companies, in particular Nissan and Honda, have already reported (formally explaining their decisions by other reasons) about refusing to continue production of a number of models and partially closing production in Britain.

source: reuters.com






Science & Technology

Apple to come up with AR glasses

WEF: Big data regulation becomes a problem

Israeli Firm Accused Of Spying By WhatsApp, Lawsuit Filed Against It

Google Used Quantum Computer To Solve Complex Problem

Mars Had Earth-like Salt Lakes

Study: AI is not as profitable as you might think

Porsche, Boeing set to develop flying electric car

Samsung to invest $ 11 billion in new generation displays

US is betting on Nokia and Ericsson to replace Huawei

UPS becomes first to receive full regulatory approval for UAV shipping in USA

World Politics

World & Politics

Has Chile Put All Its Eggs In One Basket To Turn Towards Renewable Energy?

‘We Are Woefully Underprepared’ As Glaciers Meltdown Leaving Global Water Supply At Risk

US to reconsider medical data security laws

Vale hiding information about problems at Brazilian dams could result in death of 270 people

US Lawmakers Introduce Bill About Xinjiang Uygur Camps In China

European Council agrees to extend Brexit again

Pressure From China Forces Maserati To Dissociate From Film Awards Event In Taiwan

China to replace Hong Kong's Carrie Lam