What does Brexit mean for the baking industry?
Will importing exotic ingredients be as easy? Will it mean that prices will have to rise to cover additional importing costs?
We have known since the vote took place that it would have an effect on the food and drink industry - but no one really knows how much of an effect it will really have. It's hard to understand, and even more difficult to predict.
Food policy is applicable across the whole continent and it is one of the integral reasons that the EU was originally founded, meaning that the food supply chain will be on the front line of change. Farmers will continue to face competition from EU rivals going forward, but whether this chance will make trading with the EU more of less efficient is once again, unknown. It appears that the amount of laws and regulations that need to be discussed, divided and redefined has caused the role of our Prime Minister to suddenly become an undesirable career move for many current members of parliament, who seem to be flailing due to lack of leadership - did anyone have a plan for what would happen if the UK voted out?
Key Trading Stats for the food industry
• Grocery import in the UK is worth £36 billion (2015) and £26 billion of this came from the EU • Most of the UK’s food trade is made with five top parties within the EU (Netherlands, Ireland, France, Germany, Spain) which account for 76% of grocery exports to the EU from the UK, and 68% of grocery imports to the UK • The UK’s most popular exports is skewed towards beverages, especially Whisky • The UK’s most popular import is fresh produce, especially in the winter months