British retailers have cancelled 7.1 billion pounds ($9.6 billion) in contracts over the last 12 months with suppliers that do not meet their ethical and sustainability standards, according to a report from Barclays Corporate Banking.
The report, published on Thursday, found that the COVID-19 pandemic and an increasing focus on environment, sustainability and governance matters are shifting business' priorities.
The most common reasons for cancelling contracts with suppliers were the use of unsustainable materials, unfair working hours and lack of membership of a trade body that monitors ethical and sustainability standards. However, Barclays also found that almost four in five retailers believe a long-term strategy to improve their ethical and sustainable credentials is more important than overcoming short-term supply chain disruption.
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