British beef prices would drop by 40% and Northern Irish farm incomes will be decimated if the UK opens to cheap imports and cuts farm payments after Brexit, research by Newcastle University has shown. Incoming UCD professor of food and agriculture economics Dr Michael Wallace presented the findings in Dublin on Wednesday.

"A key aspect is how much remains uncertain and unresolved," Dr Wallace told a seminar entitled 'Brexit half way there: implications for agriculture and food'. The lack of clarity on farming and trade rules after Brexit is being felt on the UK land market, he added: "If you're signing a lease in the UK at the moment, you're including a Brexit clause to get out if things turn sour."