Afternoon Coffee: UK to Leave EU’s Single Market, SciQuest Survey Highlights Procurement’s Changing Role

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Prime Minister Theresa May outlined in a speech earlier Wednesday a plan to definitively split from the European Union’s single market, the Wall Street Journal reports. The decision will inevitably tighten the U.K.’s borders, resetting trade and global supply chains for many businesses.

“What I am proposing cannot mean membership of the single market,” Mrs. May said. “Instead we seek the greatest possible access to it through a new, comprehensive, bold and ambitious free-trade agreement.”

SciQuest Releases Survey on Elevating Procurement

Source-to-pay (S2P) provider SciQuest announced Wednesday survey results that indicate companies are beginning to view procurement in a more positive light. As the company details in a press release, procurement is being tasked with new areas of responsibility, leading to an increased perception of the function as a profit center.

GM Commits to US Investment

Another day, another company pledging piles of money for U.S. manufacturing. Call it the Trump Effect?

General Motors said Tuesday it would invest an additional $1 billion in its U.S. factories in 2017, creating or retaining 1,500 jobs. The plan will move production previously done in Mexico by a supplier to GM’s operations in Michigan, among other regions. GM joins Fiat Chrysler, Hyundai and Ford in recent announcements to shift production back into the U.S.

Cold Snap Threatens UK Veggie Supply

And finally, news from the vegetable sourcing world: Cold and wet weather hitting Europe has severely damaged the crop of courgettes, which is apparently what the British call zucchini. Prices of the Mediterranean vegetable have tripled after unseasonably cold and wet weather in Spain damaged the harvest.

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