Dr. Kevin Hanrahan:

To follow up on that, one of the reasons the UK probably would seek to have free trade agreements with non-EU countries is to mitigate that risk of higher food inflation. On the point Senator Lombard raised about the coming together of this dynamic of the Brexit outcome and the negative impact of that for the agrifood sector, with the CAP and an EU budget dynamic, that is also negative. I believe that is very real. People are very well aware of that both in government and industry. It is hard to see how it is anything but a big negative for the terms of trade Irish farming is facing in the medium to longer term. It will accentuate some of the pressures on the agrifood sector that are already being felt. In the continuum of exposure to both these types of dynamics, there are parts of the industry that are more profitable, there are parts of it that have lesser dependence on the UK market and then there are other parts that are less profitable currently and have a greater dependence on the UK market, and it is those parts of the sector, in particular, that will find themselves most affected by the UK decision and that will struggle the most.