Nov 25, 2017
This week, regular guest host and UK wine shop owner of Jaded Palates, Ian Renwick, helps us sort out what Brexit is and why it is so important to the wine trade.
Part politics and history lesson, this episode aims to give you context about the EU, it's historical significance with the UK and why Brexit is such a big deal for the wine trade in the UK, Europe, and countries like Australia, the US and Chile too.
1. We give historical background on the political and economic union of 28 member states in Europe that covers 510 MM people and accounts for 22% of global GDP and 7.3% of world’s population
2. We address the question: What is Brexit? More than just the merging of the words "Britain" and "exit" following the vote to leave the EU.
3. We discuss the economic ramifications of the UK leaving the EU and what that will mean for wine -- especially vis a vis currency fluctuation and tariffs.
4. We provide context on why the UK is so important -- including the fact that 71% of UK’s adult population drink wine!
5. We discuss the often cited scenarios for the wine industry in the UK and it's ripple effect on the global market as put forth by Kym Anderson of the University of Adelaide and Glyn Wittwer of Victoria University in their model of global wine markets (http://blogs.sussex.ac.uk/uktpo/files/2016/11/Briefing-Paper-9.pdf)…
6. We both offer our thoughts on what Brexit will probably do to the global wine market (not as bad as you think!).
Thanks to this week's sponsors who make the podcast possible!
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