Brexit - UK food companies face "very challenging period" says FDF
UK's Food and Drink Federation sounds warning over Brexit
UK food manufacturers face a "very challenging period" in the wake of the country's decision to leave the EU, trade body the Food and Drink Federation has said this morning (24 June).
Some 51.8% of UK voters backed a so-called Brexit in the vote yesterday (23 June), with the result announced this morning. In early trading, sterling fell to a 30-year low against the US dollar.
Ian Wright, director general at the Food and Drink Federation, which represents food and soft drinks manufacturers operating in the country, said there would be frustration at the result among the bulk of the association's members.
"In March we released the results of a poll of our members 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 it would be his successor who would 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."
Sectors: Baby food, Bakery, Canned food, Cereal, Chilled foods, Condiments, dressings & sauces, Confectionery, Dairy, Dried foods, Free-from, Fresh produce, Frozen, Ice cream, Meat & poultry, Natural & organic, Seafood, Snacks, World foods
Companies: Food and Drink Federation
This week, Bel struck a deal to buy a majority stake in fellow French group MOM Brands. Another French food major, Danone, faced criticism in the US over its plans for GMO ingredients. US snack maker ...
- Price an underlying tension across European FMCG
- Danone's Q3 sales - what the analysts say
- It won't just be Unilever to push for Brexit hikes
- Interview: UK trade body on Brexit's policy impact
- Interview: UK trade body on the impact of Brexit
- Nestle lowers outlook on "softer environment"
- UK announces "action plan" to drive food exports
- Kraft Heinz: Innovation more important than ever
- Farmers' groups slam Danone over non-GMO stance
- Online snack seller Graze makes US retail debut
- The Big 15: Strategies and Priorities of Top Packaged Food Players in Comparison
- Omega-3 in Food and Beverage:Time for a Reboot?
- Global Food Packaging: Innovating for Greater Convenience and Quality Image
- Packaged Food: Quarterly Statement Q3 2016
- Constellation Brands, Inc. (STZ) - Financial and Strategic SWOT Analysis Review