Live, rolling coverage of business, economics and financial markets as Canada says UK was unwilling to give access to agricultural products
European stock markets have opened with a mixed picture across the continent, although the UK’s FTSE 100 has jumped.
Here are the opening snaps from Reuters:
EUROPE’S STOXX 600 UP 0.2%
BRITAIN’S FTSE 100 UP 0.7%
FRANCE’S CAC 40 UP 0.5%, SPAIN’S IBEX UP 0.2%
EURO STOXX INDEX UP 0.1%; EURO ZONE BLUE CHIPS UP 0.1%
GERMANY’S DAX DOWN 0.1%British farming lobby welcomes end of Canada trade talks
The end of trade talks between the UK and Canada is a “relief for farmers”, the head of the British National Farmers’ Union (NFU) has said.
Agricultural products represent a tiny proportion of output in the UK and Canada. Only 0.8% of UK GDP in 2022 and 1.7% of Canada in 2019 was from agriculture, forestry and fishing, according to the World Bank. However, the position of farmers is often a totemic issue in trade talks.
“Canadians love British cheese” but they “have been determined to do a contra” to get hormone-treated beef and certain pork products into the UK, Batters said. She said:
Trade on agricultural products is always the first thing to be discussed and the last thing to be agreed, and I’m pleased the government has stuck to its line and not given way.
