The massive defeat suffered on Tuesday night by the UK prime minister, the biggest in almost 100 years, has moved the prospect of a no-deal Brexit closer.

The current position is that with the UK having notified the EU that it is leaving on 29 March, unless parliament decides to do something different, then it will leave on that date and subsequent trade will be on WTO terms.

Unimaginable consequences

The consequences of this for Irish agriculture are unimaginable.

Every sector will be hit and with sterling predicted to devalue by 25% in the event of no deal, according to the Bank of England, farmgate prices would take a huge hit.

There is a strong body of opinion that still believes that the horrendous economic consequences are the best chance of a no-deal scenario being avoided.

Yet the reality is that while there may seem a majority in parliament that wants to avoid a no-deal Brexit, they have so far failed to identify a solution that can command a majority.

Prepare for the worst

For farmers in Ireland, and indeed in the UK, it is now essential to prepare for the worst and, of course, hope that it never comes to pass.

It is time to quantify the extent of losses that Irish farmers might face and then, between the government and the EU, identify the means on how to mitigate these.

This has the potential to be a unique, once-in-a-generation crisis, and it is time that we prepared accordingly.

Read more

Heavy defeat for UK government on Brexit vote