🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Put the prosecco on ice - Italy's farmers fear Johnson 'no-deal' Brexit

Published 23/07/2019, 17:41
Put the prosecco on ice - Italy's farmers fear Johnson 'no-deal' Brexit

ROME (Reuters) - Italy's farmers lost no time on Tuesday in warning that a 'no-deal' Brexit as threatened by incoming British prime minister Boris Johnson could cost them dear.

In 2016, Italy's then-economic development minister, Carlo Calenda, said Johnson had told him Italy should help Britain retain access to the European Union market after Brexit "because you don't want to lose prosecco exports".

On Tuesday, Italy's largest farmers' lobby, Coldiretti, said that "the enemy of prosecco will handle Britain's departure from the EU", noting that Britons currently buy a third of Italy's exports of the sparkling wine.

This could plummet if Johnson carries out his threat to leave the EU and its single market on Oct. 31 without a deal - something that would lead to Britain and the EU imposing import tariffs.

But Coldiretti said there could be worse to follow, as characteristic regional food products such as French champagne, Spanish ham or Italian prosecco - the most counterfeited Italian wine - currently enjoy protected status in Britain under EU rules.

"There is a serious risk that the United Kingdom could become a hub for fake made-in-Italy products," Coldiretti said.

Three years ago, Calenda had argued to Johnson that Britain would be the one to lose out in a no-deal Brexit.

"He said: 'You'll sell less prosecco'," Calenda told Bloomberg TV. "I said: 'OK, you'll sell less fish and chips - but I'll sell less prosecco to one country, and you'll sell less to 27 countries'."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.