EU buyers drop orders for UK meat
The British Meat Processing Association (BMPA) warns about the panic that is now gripping the UK meat industry as the no-deal scenario is making continental retail buyers to refuse long term supply contracts with UK meat exporters. "The message that the UK is serious about leaving with no deal may not have convinced European politicians yet, but it has convinced continental retail buyers who are refusing to agree on long term supply contracts with UK meat exporters.
If this continues, we could be witnessing the start of a structural and long-term decline in our nation’s farming capacity and heritage", said the association in a press release.
European buyers considering buying British meat are now being confronted with multiple risks which they’re not prepared to take.
Chief among them is the possibility that they may well be saddled with tariffs as high as 65% on certain imports that are due for delivery after 31 October. A no-deal exit is seen as an ‘instantaneous shock to the economy’ causing problems that can neither be prepared for nor mitigated.
"The complete uncertainty surrounding Brexit means the obvious solution for EU buyers is to source product from elsewhere.
This means that, come 31 October, British meat companies, who are now being forced to export day-to-day at ‘spot prices’, could have the rug pulled from under them and see orders simply cease with no long-term supply contracts to soften the blow", considers BMPA.
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