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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