This week finally brought about the triggering of Article 50 by Theresa May, allowing for the formal procedures of the United Kingdom’s exit from the European Union to commence. Wednesday marked the beginning of a 2-year period for the terms of the withdrawal to be finalized, with official negotiations between Britain and the European Commission regarding any potential exit package likely to start in early June.
From a currency perspective on the day, Sterling managed to overcome any sense of volatility that may have been expected and responded with a modest strengthening against the Euro. Many political leaders and analysts within the food and drink industry have given their reactions to the triggering of Article 50. Collectively they agree that the sector should be seen as a priority in the upcoming Brexit talks.
Minster for Agriculture, Food, and Marine, Michael Creed, made the point to reassure Irish companies that the Government and his department are prepared for the next period of the Brexit process and protecting the longer-term interests of the industry. “We are well prepared for the next phase of this process, and I look forward to ensuring that the interests of the agri-food and fisheries sectors are protected as we face the many challenges that lie ahead,” Minister Creed said. The negotiation outcomes concerning trading tariffs and any restrictions on the movement of goods and services will be at the forefront of the sector’s key issues as they try to seek clarity going forward over the next period.
In addition, the UK’s Food and Drink Federation (FDF) Director General, Ian Wright, mentioned “Food is at the heart of our culture, identity, and security. It is vital that the government prioritizes food and drink”. FDF pledge to help the UK government to secure the best possible deal for the industries future and continue “a seamless border” when trading with the Republic of Ireland.
To assist with the preparation for the time ahead, companies can now avail of the new Bord Bia Brexit Barometer. They receive an assessment of their readiness and exposure to Brexit, along with additional support information. To find our more and to register, please click here.
