Weak sterling threatens Irish food industry

FALLING returns from exports to Britain threaten Irish food companies, as the sterling currency continues to lose ground against the euro.

Most economists now agree that the British economy is slowing, and the Bank of England will continue to ease interest rates — dragging down sterling and hitting returns from the market which takes 42% (€3.62bn) of Irish food and drink exports.

Sales and jobs are already being lost, according to the Food and Drink Industry Ireland (FDII) division of the IBEC business and employers’ group.