BUZZ-UK fast-moving consumer goods: Investec looks into "Brexit"

** Investec (LSE: INVP.L - news) looks at what Brexit might mean for mid-cap fast-moving consumer goods (FMCG)

** The analysts say issues could include forex volatility, workforce availability, trade and the Common Agricultural Policy (CAP) (agricultural policy of the EU)

** Say the FMCG sector has a reasonable degree of interaction with Europe, mainly because the UK is not self-sufficient on food. Add that negotiating new trade relationships will be vital otherwise those that do export will be subject to EU tariffs

** Say CAP has been deeply unpopular with non-farmers, given that it absorbs around 40 pct of the EU budget, but also with some farmers who hate its complex bureaucracy

** Say exchange rate volatility is likely in the run up to the referendum, given the degree of uncertainty over which way the vote may go

** Britain will hold a referendum on its EU membership on June 23 and the possibility of "Brexit" has kept the sterling near a seven-year low against the dollar

** The analysts flag uncertainty as the largest issue as even if Britain votes to leave, there could be a 2 yr exit "process" to follow (Reuters Messaging: noor.hussain.thomsonreuters.com@reuters.net)