The expected Brexit deal is good news for the Irish food sector



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Britain and the EU are closing in on a Brexit deal that would remove the immediate threat to the beef, dairy and other food sectors that employ hundreds of thousands here.

Senior economist Jim Power said punishing tariffs that would have “devastated” beef exports – 50% of which go to Britain – and a wide variety of Irish food products that companies sell in Britain are likely to be avoided. Brittany. “This is the worst result,” Power said.

The Institute for Economic and Social Research had said that a large number of jobs stretching from Co Cork through the Midlands and across the north would have been vulnerable if Britain had left the EU without a trade deal.

Power said the drop in the value of the British pound against the euro since the Brexit referendum in June 2016 had seriously damaged tourism as fewer Britons traveled the Irish Sea.

The British pound, which was trading at 73 pence on the eve of the UK referendum, rebounded last night but was still trading at just over 90 pence. Shares in a group of Irish companies most exposed to fears of a hard Brexit, including the Bank of Ireland, Dalata hotel group and Ryanair, also rebounded.

“It is not business as usual. There will be significant changes across the board. But at least the spectrum of significant tariffs that affect most exposed export sectors has been removed, ”said John Whelan, Linkage Partnership’s head of business consulting.

Mr Whelan said that the North, by remaining in the single market, could now also prosper.

Aidan Flynn, Director of the Irish Freight Association, said: “Everyone will appreciate that we can reach an agreement. There will be difficulties and complications for the transport of goods, but having an agreement will improve relations between the two blocks, which is really important from an Irish perspective and for the future.

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