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Brexit vote leads to recession warning & ‘end of Bordeaux primeur campaign’
Jun 24, 2016
(Decanter) - Liv-ex analyst believes the UK's vote to leave the European Union means a sudden end for the Bordeaux 2015 en primeur campaign, but there could be bargains available for opportunistic US buyers.
Britain’s pound sterling plunged to record lows following the country’s surprise Brexit vote to leave the European Union (EU).
That EU referendum result could have significant ramifications for the fine wine market in the UK, effectively making it instantly more expensive for sterling buyers to purchase European wines.
Several economic analysts have also warned that the UK faces a fresh economic recession, which could itself damage consumer confidence across the wine sector at a time when wine consumption in the country had begun to recover. Most wine merchants supported a remain vote.
Brexit supporters have dismissed economic concerns as scaremongering.
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