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Prestige Purchasing reports a hit on food and drink costs post-Brexit

29 June 2016 by
Prestige Purchasing reports a hit on food and drink costs post-Brexit

Procurement and supply chain consultancy Prestige Purchasing has predicted major rises in the cost of food for caterers as a result of Brexit.

CEO David Read explained: "Some effects, such as import tariffs and rising labour costs, will only impact prices once we actually leave the EU, but if the recent significant falls in the value of sterling continue we will see prices increasing by the end of the summer."

"As a nation we run a £21bn trade gap in food, as we produce only around 60% of what we eat. Almost 70% of our imported food is from the EU, but sterling has fallen against the dollar and many other currencies, so all of our food and drink imports will be affected."

Read advised caterers to take positive action to ensure their supply chains were at maximum efficiency, and added: "There has seldom been a better time to review the range of products purchased."

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