Well that’s it the UK has voted to leave the European Union BUT how does this affect our industry?
The FDF (Food and drink Federation) said this morning, “UK food manufacturers face a very challenging period as the country has decided to leave the EU.”
51.8% of voters backed the Brexit in the voting on the 23rd June. When the markets opened, the sterling fell to a 30 year low against US dollar.
Food and Drink Federation Director General Ian Wright, said there would be a lot of frustration in the industry and within the large majority of the FDF’s members.
“In March the results of a poll was released which showed 70% support for Britain to remain in the EU. It’s inevitable in the light of those results that the majority of FDF members will regard this as a disappointing result for the food and drink industry,” Wright said.
UK Prime Minister David Cameron announced he will step down by the Conservative Party conference in October, adding to the sense of uncertainty swirling around the country this morning. In a speech outside Number 10 Downing Street, Cameron said he would not trigger article 50 of the Treaty on European Union, which will officially pave the way for the UK’s departure from the EU. There will then be a period of negotiations – likely lasting two years – between London and Brussels on the new relationship between the UK and the EU.
Wright added: “Now FDF will work on behalf of our members and all those across our industry to find a way through this very challenging period that we face. We’ll focus on working with the Government to understand what this means for trading, market access and regulation to secure the best outcome for British food and drink manufacturing businesses and their consumers.”