Food sector faces ‘terrifying’ tariffs after hard Brexit

Scotland’s food sector has called the prospect of a hard Brexit “terrifying” and has urged the UK government not to walk away from EU negotiations table without a trade deal. Scottish exports of red meat worth hundreds of millions of pounds could be “close to wiped out” unless new trading terms are in place on the day the UK leaves the EU, industry leaders warned, along with the prospect of beef and lamb prices plummeting. Theresa May last week confirmed that the UK would abandon membership of the EU single…

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Pound has best day’s gain since 2008 after Brexit speech

The pound saw its best day’s gain in more than eight years against the dollar on Tuesday, helped by rising inflation and the Prime Minister Theresa May’s major speech on Brexit. Official figures showed inflation rose to 1.6%, a level that may usher in higher interest rates. That boosted sterling and Mrs May’s speech spurred on that rally. Its best move was against the dollar, against which it closed in London trade up almost 3% at $1.2392. Dealers said that rise, which was the best for the pound since October…

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Brexit: UK to leave single market, says Theresa May

Theresa May has said the UK “cannot possibly” remain within the European single market, as staying in it would mean “not leaving the EU at all”. The PM promised to push for the “freest possible trade” with European countries and warned the EU that to try to “punish” the UK would be “an act of calamitous self-harm”. She also said Parliament would vote on the final deal that is agreed. Labour warned of “enormous dangers” in the prime minister’s plans. And the European Parliament’s lead negotiator said there could be…

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Brexit will lead to cheaper food if right policies adopted, says OBR official

British households are on course to enjoy cheaper food after Brexit if the UK returns to the system of farming subsidies adopted before joining the European Union, a top official from the Office for Budget Responsibility has claimed. Sir Stephen Nickell said breaking away from the EU’s common agricultural policy (CAP) and returning to subsidies where the UK “traded at world market prices in agricultural products” and compensated farmers to ensure they didn’t “all go bankrupt” could also reduce Britain’s borrowing bill. Asked to describe the possible “positive” aspects of…

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Ex-Sainsbury’s Chief Predicts Post Brexit Food Price Rises Of 5% – And A Chain Going Bust

We have two predictions today from Justin King, the ex-Sainsbury’s chief executive. One is that food prices are going to rise by some 5% as a result of Brexit and the subsequent fall in the pound. The other is that there’s going to be the collapse of one of the food retailers as a result of pressures upon margins. The problem with these predictions is that it’s entirely possible to see either one happening but it’s very difficult to see both happening at the same time. They’re not quite mutually…

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Brexit masala: Condiments turn costlier in UK, drive up food prices

he June 23 Brexit vote and the falling value of pound have severely hit Indian restaurants and Indian food manufacturers in UK who import spices and other ingredients from abroad, forcing them to raise prices in the 4 billion-pound “curry industry”. Already hit by the inability to recruit chefs from the Indian subcontinent due to tough visa restrictions, the falling pound has come as a “double whammy”, restaurant owners and food manufacturers told Hindustan Times on Friday. There is growing despair among restaurant owners over the fact that promises made…

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