The prospects for a long-term trade and customs deal between the EU and U.K. have dimmed further after Prime Minister Boris Johnson has stated that the government has “concluded that we should get ready for January 1 with arrangements that are more like Australia’s”, i.e. on WTO terms. While further talks are possible through the end of October, the absence of a deal will likely lead to stockpiling of U.K. imports in Q4 and customs challenges in Q1’21. The latter may include the food industry where wholesalers have already been weakened by pandemic related food service closures. The Brit...