BANK OF ENGLAND-Bank of England rate futures price in the first cut in August
“Only the very biggest processors and retailers are going to be able to deal with this bureaucracy and the extent of these checks,” he told the audience.
“The smaller producers and retailers will just give up and we’ll end up with less choice and less good food and drink.”
According to the government, the extra checks will help prevent diseases and pests from entering Britain.
It also promises to level the playing field for British exporters. In 2021, the EU promptly enforced its laws, causing port delays and forcing some British exporters to halt sales to the bloc, at least temporarily.
Last week, financial markets lowered expectations for BoE rate reduction in response to somewhat higher-than-expected British inflation and a reversal in expectations for cuts from the US Federal Reserve.
However, in remarks in Washington late on Friday, BoE Deputy Governor Dave Ramsden said he now believed British inflation was on course to fall to and remain at its 2% objective, which was lower than previous BoE estimates.
