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British businesses cutting ties with China over increasing political tensions
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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 exports, according to Britain's official trade statistics.