Exceptional Policy Responses Needed To Offset Brexit Impacts, Says Food Drink Ireland
Food Drink Ireland (FDI), has recently published its Budget 2021 Submission, which calls for exceptional targeted policy responses to offset the impacts of Brexit. In the report the Ibec group that r...
Food Drink Ireland (FDI), has recently published its Budget 2021 Submission, which calls for exceptional targeted policy responses to offset the impacts of Brexit.
In the report the Ibec group that represents the food and drink sector noted that the industry remains particularly reliant on the UK market and is the sector most exposed to Brexit.
FDI highlighted that the UK as a percentage of our overall exports has dropped in recent years and now stands at 34%.
'This demonstrates the importance of maintaining our market position in this high value, high quality market that has a substantial food deficit and not relinquishing the market to global competitors,' the group added.
Paul Kelly, director, FDI said: “These measures include accessing the existing €4 billion in Brexit contingency funding set aside for the years 2020 to 2025, an extension beyond December 2020 of the Temporary Framework for State aid supports as well as substantial funding from the EU’s €5 billion Brexit Adjustment Reserve and any increased tariff revenue from UK imports in order to maintain and sustain economic activity and jobs."
“Funds amounting to 5% of the value of current annual export sales to the UK will be needed annually from domestic and EU sources for at least three years,” he added.
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