Nick Clegg, the new EU spokesman for the Liberal Democrats, has warned that if the Government doesn’t secure a new trade agreement with the EU within two years then tariffs will automatically be imposed as soon as we leave the trading bloc.
The former Deputy Prime Minister is due to publish a report warning that trade tariffs, which may be imposed on leaving the Single Market, could see the price of wine rise by up to 14%.
Of course, our natural focus is to monitor the impact of Brexit on wine investors, but we are looking at the cost of all imported goods being affected by Brexit. Clegg’s view: “A hard Brexit will lead us off a cliff edge towards higher food prices, with a triple whammy of punishing tariffs, customs checks and workforce shortages” and is pushing for the Government to maintain the UK’s membership of the Single Market.
With politicians and key trade participants now commenting on future potential price impacts post an actual Brexit the conclusion has to be the only way is up for current wine investment holdings and particularly those held in the UK while currency continues to be a significant factor.
For a current wine portfolio valuation or for more information on wine investment call us now on 0203 384 2262.