A report from the Institute for Fiscal Studies (IFS) released today shows that the collapse in the value of the pound caused by the EU referendum result will push up the cost of staple goods like food, clothing and petrol.
The prices increases, caused by the rising cost of imports, will, the IFS calculates, lead to British people paying on average 3.1% more for clothing; 2.9% more for food; and 5.1% for petrol and other vehicle running costs.
Commenting, Stephen Hammond MP, supporter of Open Britain, said:
“It’s households that will feel the double whammy of higher prices at the pump and in the supermarket due to the post-Brexit collapse in the value of the pound as well as a squeeze on their wages.
“Everyone accepts the result of the referendum, but as the Chancellor of the Exchequer said, the British people did not vote to make us all poorer.
“The best way to protect our economy is for Britain to continue to be part of the Single Market, our largest customer which supports millions of UK jobs and delivers lower prices for consumers.”