Ireland

Irish beef farmers could lose $2 million per week because of the Sterling Crisis

Beef

The Irish Farmers Association (IFA) is urging the Government to take action regarding the Sterling depreciation and decline of cattle exports to the UK because Irish beef farmers will lose nearly 2 million euros per week.

Posted on Sep 06 ,07:00

Irish beef farmers could lose $2 million per week because of the Sterling Crisis

 

The IFA president, Joe Healy, said in a statement that the cattle price reductions are causing significant financial damage to the livestock sector and it is also affecting trade.

The Brexit Sterling exchange rate crisis is having a strong impact on the incomes of beef farmers and mushroom growers and the Government needs to take urgent action by developing a plan at a national and EU level.

“Since April, the UK beef market is up 7%. As our most important market, this should be good news. The problem is that Sterling is down 8% in the same time period. When the UK election was called, Sterling was at 85p:€1. It had been at, or close to that level, in previous months. Today it’s 92p:€1. The impact on the price of beef is about 15c/kg,” the IFA statement read.

The IFA president also urged the Government to take measures at the farm level to counteract the decline in prices.

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