Corks Pop as May Triggers Brexit, But Champagne Not Cheering
- Exports to U.K. fell 14 percent as pound dropped after EU vote
- U.K. wine importers raising prices as profits are threatened
Brexit Triggered: What Happens Now?
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As U.K. Prime Minister Theresa May triggered two years of Brexit talks on Wednesday, Champagne producers and importers gathered in London for the industry’s largest annual tasting. Few were in the mood to raise a toast.
Exports to the U.K., Champagne’s largest overseas market by volume, fell 14 percent in 2016, hurt by the plunge in the pound since the vote to leave the European Union last June. Importers are facing a squeeze on sales and profits, and some worry that worse is to come as they lift prices to make up for the currency’s weakness.