Brexit may split Britain’s farmers down the middle. While the U.K. government’s favored option of a free-trade agreement with the European Union would limit the effect on British agriculture, a no-deal Brexit could see sheep farmers lose about 38 percent of the value of their production, according to a study. On the other hand, beef, pork, poultry and dairy producers could benefit from increased tariffs on imports from the European Union should Britain leave the bloc without a trade deal, the report from Belfast’s Agri-Food and Biosciences Institute showed. With Britain a net exporter of lamb to Europe, the imposition of tariffs under World Trade Organization rules would reduce U.K. prices for the meat by 30 percent, the institute said, citing a model of trade flows. At the same time, prices for dairy products may rise by the same amount, with beef prices increasing 17 percent and poultry by 15 percent, it said. The results of the study are limited by uncertainty over labor, regulations and the long lifecycles of livestock production that mean farmers take years to adjust to new prices and output levels.