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Brexit ripples across wine industry

The Definitive Italian tasting was overshadowed by Brexit at the Royal Horticultural Halls. The Italians are facing a referendum of their own in October - a constitutional referendum which could lead to an EU referendum further down the line. The worry is that cheap Italian wine will make a comeback after Brexit. Italians already think the UK is a difficult market to sell into: the margins are low and they find it difficult to generate good volumes, although Prosecco is selling well. Meanwhile the fine wine index LIV-EX said that normality was creeping back into the market following the referendum. Immediately after the announcement global buyers investing in Eurocentric fine wine rushed to take advantage of the drop in Sterling, buying up and selling wines predominately from France. Good news that after the weekend the market was already beginning to find a balance.