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They might, and they might not, depends on whether UK consumers are prepared to pay the higher price.90% of UK lamb exports go to EU.
Lamb farmers are currently very worried.....but Im sure they will "prosper mightily"
If the cheap cuts are too expensive for EU tastes, they'll be wasted, or used for pet food. Thus the cost of the decent cuts will have to increase to compensate the farmers for the actual cost of rearing the lamb. Otherwise, it'll not be worth their bother, then they won't be sheep farmers any longer. That could affect the import of lamb from other places.
So many unforeseen and unintended consequences and repercussions.......