Mr. Simon McKeever:

Part of the complication in the mushroom sector was that is was operating on a very short cashflow of, I think, six weeks. The danger is that if there is a crash out, the pound will disappear. One then has a threat around substitution coming in here as well, where not only is the produce we sell in the UK suddenly more expensive but the produce the European Union, including ourselves, sells into the UK would be less competitive. In terms of the UK selling into here, a movement in the exchange rate might negate any customs and tariffs.

We asked the membership what percentage of its next 12 months sterling exposure is hedged and about a quarter of it has 0% cover in place. Some 20% has up to 25% of its exposure covered, which is still quite low. It is a bit higher than it was but still quite low.