(JancisRobinson) - Now that Brexit, Britain's exit from the EU, is in prospect, Simon Reilly of wineloon.com looks again at what it is likely to mean for wine lovers.

Back in March, in What would Brexit mean for wine lovers?, I set out what I thought might happen in the event that the UK referendum resulted in the UK voting to leave the European Union (EU). The conclusion I came to at that point was that nobody knows what will happen in the event of a Brexit, but it is likely that the price of wine from the EU would increase for UK wine lovers. Now that the Leave vote has won and the UK is set to exit the EU, my conclusion appears to be right.

As I write this article on the evening of Monday 27 June, nobody I have spoken to since the referendum knows what is going to happen. In the two days of trading since the referendum result, the financial markets have reacted in a way that, among other things, is likely to make EU wine significantly more expensive in the UK.

Whether you are popping champagne corks celebrating victory or drowning your sorrows in defeat, my guess is you are probably interested in how Brexit will affect the cost of your wine. So I will try to unpick what I can at this early stage.

Currency markets

The euro/sterling rate as markets closed on the day of the referendum was 0.77. As markets closed yesterday, Monday 27June, the rate was 0.83, so the pound has weakened by about 8%. This alone has increased the cost of EU wine in the UK by 8%.

I spoke to RBC Capital Markets to get their views on sterling's performance since the referendum. They see the current slump as relatively small compared with other historical slumps. 'During eight independent sterling price slumps we identify over the last 40 years, the pound has on average fallen 18% against the euro and 14% against the US dollar.'

So it may not be as bad as it could have been. However, a recovery does not look likely any time soon.