Currency crunch damages export revenues

A 10% SLUMP in the value of sterling compared to the euro since early October has hit the Irish food industry, which sends 46% of its food and drink exports to Britain.

The exchange rate has deteriorated 20% in the last 12 months, which has hit the Irish beef industry even harder, because it sends 53% of exports to Britain.

A recent weekly fall in the value of sterling against the euro was the largest since the single currency was introduced in 1999.