Importers and consumers to bear the cost of new border regime
- Post-Brexit border checks on food and plant imports to increase consumer bills
- Checks to add over £330m to annual business costs over three years
- 0.2% increase in food inflation expected
- Importers concerned about supply chain disruptions
- Cold Chain Federation estimates cost to be in billions
- Consumer likely to see increase in food prices
- Checks aimed at preventing food and plant-borne diseases
- European importers argue checks are unnecessary
- Legislation proposed to stop post-Brexit checks on products between Great Britain and Northern Ireland
- Sainsbury’s beats profit expectations due to strong food performance
Post-Brexit border checks on food and plant imports are set to add billions to consumer bills, according to industry figures. The new border regime, which includes physical inspections of European imports deemed a ‘medium risk’ to UK biosecurity, will result in over £330m in annual business costs over three years. Importers are concerned about potential disruptions to supply chains, particularly for time-sensitive fresh products. The government predicts a 0.2% increase in food inflation over three years. However, the Cold Chain Federation estimates the cost to be much higher. European importers argue that the checks are unnecessary, as they replicate existing EU processes. Legislation has been proposed to stop post-Brexit checks on products between Great Britain and Northern Ireland. In other news, Sainsbury’s has exceeded profit expectations due to a strong performance in the food sector.
Factuality Level: 2
Factuality Justification: The article contains several issues that lower its factuality level. It includes biased language, such as portraying the government’s perspective as ‘negligible’ and the industry’s perspective as more accurate. There are also claims made without proper evidence, such as the estimation of costs by the Cold Chain Federation. The article lacks in-depth analysis and presents information in a sensationalized manner.
Noise Level: 3
Noise Justification: The article provides relevant information about the impact of post-Brexit border checks on food and plant imports, including cost estimates and potential consequences for consumers. However, it contains some repetitive information and could benefit from more in-depth analysis on the long-term implications of these checks.
Financial Relevance: Yes
Financial Markets Impacted: The article mentions that the new border checks on food and plant imports after Brexit will add billions to consumers’ bills and 0.2% to food inflation over three years. This could impact the food industry, importers, and businesses involved in the supply chain.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article discusses the financial impact of post-Brexit border checks on food and plant imports, which directly affects consumers, businesses, and the food industry. However, there is no mention of an extreme event.
www.retailgazette.co.uk