UK Economics

BREXIT BOOST for British meat as supermarkets cash in on non-imported goods

BREXIT has boosted demand for British meat with supermarkets cashing in on goods they do not have to import, experts said today.

ButcherGETTY   British meat exports have beefed up following Brexit

The post-referendum currency swing could see a lot more home-raised meat on supermarket shelves.

Sterling’s fall against the euro is making British meat increasingly competitive against European imports, prompting supermarkets to look for sources of meat closer to home, industry sources said.

Pork from pigs raised in Britain used to be 10p per kilo more expensive than the EU average, but since Brexit it has become between 10p and 15p cheaper per kilo.

Mick Sloyan, of the Agriculture and Horticulture Development Board, said the British pork market was “on fire”.

The more favourable sterling-euro exchange rate has helped domestic cattle compete more aggressively

Debbie Butcher, market analist

EU pork prices have been rising since May due to tightening supply across the Continent and increased demand from China. After the referendum on June 23 they crept above prices for UK pork.

The post referendum exchange rate movement made home-grown pork even cheaper than its EU counterpart and has made it much more attractive to meat processors and supermarkets.

Producers hope the dramatic switch in price difference will help reverse a downward trend in British meat consumption, which has fallen consistently in recent years.

Last year consumption of British pork fell six per cent.

According to The Grocer magazine, home-grown beef is also benefiting from a Brexit boost.

Beef producers say the drop in sterling against the euro has increased the competitiveness of British beef over that from Ireland which has the euro.

ButcherGETTY   The meat market is “on fire”

Market analyst Debbie Butcher said: “The more favourable sterling-euro exchange rate, where £1 is currently equal to approximately 1.20 euros has helped domestic cattle compete more aggressively with their counterparts from across the water.”

Latest industry figures show beef and lamb sales are up 4 per cent in supermarkets since the end of June.

Morrisons, Asda and other supermarkets are cashing in on a post-Brexit optimism and cutting prices on good they do not have to import.

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