British Retail Consortium Warns of Consequences

  • UK’s food supply chain dependent on EU trade
  • 50% of Britain’s food imported, 60% from EU-27
  • Possible consequences: rotting food at ports, reduced choice and quality, higher prices
  • £21 billion UK exports at stake
  • 3.6 million containers from EU passed through UK ports in 2016
  • 12,500 small retail businesses at risk of going bust without deal
  • BRC calls for a workable solution and flexibility in negotiations

The British Retail Consortium (BRC) has warned that the UK’s food supply chain is in danger if a Brexit agreement isn’t reached by March 29, 2019. With 50% of Britain’s food imported and 60% coming from EU-27 countries, the trade body highlighted potential consequences such as rotting food at ports, reduced choice and quality for consumers, and higher prices due to increased import costs. BRC also mentioned that 3.6 million containers from the EU passed through UK ports in 2016, with 10,000 per day delivering 50,000 tonnes of food. They warn that more than 12,500 small retail businesses could go bust without a deal. The BRC urges for a smooth transition and flexibility in negotiations.

Factuality Level: 8
Factuality Justification: The article provides accurate information from the British Retail Consortium (BRC) about potential consequences of a no-deal Brexit on food supply chain and small retail businesses. It cites specific statistics and quotes from Richard Pennycook, the chairman of BRC. However, it does not include any personal opinions or exaggerations.
Noise Level: 3
Noise Justification: The article provides relevant information about potential consequences of a no-deal Brexit on food supply chain and small retail businesses, and includes quotes from a relevant source (BRC). It also presents specific numbers to support its claims. However, it does not contain any noise or filler content, exaggerated reporting, or irrelevant information.
Financial Relevance: Yes
Financial Markets Impacted: UK food supply chain, retail businesses, and EU producers
Financial Rating Justification: The article discusses potential consequences of a Brexit agreement not being reached between the UK and EU, which could impact the UK’s food supply chain, retail businesses, and EU producers. This has financial implications for both parties involved, as well as potential impacts on consumer prices and exports.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the text.

Reported publicly: www.retailsector.co.uk