News in brief December 2021

i) UK Government refuses Welsh impact assessment of Australia trade deal

In response to the Welsh Affairs Committee’s report on the impact of the UK - Australia trade deal for Wales, the UK Government has confirmed that the draft text will be shared with the devolved Governments.

However, the UK Government rejected the Committee’s recommendation that the Department for International Trade publish a Wales-specific impact assessment on the grounds that it is already provided in the UK-wide assessment.

ii) CEBR predicts rising prices in Supermarkets this Christmas

The Centre for Economics and Business Research (CEBR) has warned of a more expensive Christmas shop this year due to higher fuel and energy prices, supply issues and labour shortages.

Compared with December 2020, the typical UK family is predicted to spend £33.60 more per week due to inflation, however, many supermarkets are trying to absorb the increased costs over Christmas in order to retain customers.

iii) New HCC report analyses outlook for the UK sheep sector

A new report by Hybu Cig Cymru - Meat Promotion Wales (HCC) has revealed that the throughput of lambs from the 2021 crop is 12.7 percent lower than 2020 levels and 10.9 percent below 2019.

However, the report also predicts that the current prices - averaging around 20 percent above last year’s levels - may continue due to high retail demand. This is also helped by the fact that New Zealand lamb production is down by around 4 percent year on year.