The Institute for Fiscal Studies has published a report today (Tuesday) that shows the most consumers could expect to get from a cut in tariffs is a 1.2% cut in prices: smaller than the 2% price rise that has already been caused by the post-referendum devaluation.
Commenting, Peter Kyle MP, leading supporter of Open Britain, said:
“The claims of Brextremists like Jacob Rees-Mogg that Brexit would lead to a consumer bonanza have been exposed as being as worthless as a Woolworth’s gift voucher.
“The IFS’s research makes it clear: the post-Brexit devaluation of the pound has already cost consumers more than tariff reductions could possibly save.
“But unilaterally removing tariffs would devastate our manufacturing industry and cost tens of thousands of skilled and well-paid workers their jobs.
“Staying in the world’s largest free-trade area and common market as part of the Customs Union and Single Market makes much more sense for consumers and workers alike than buying Mr Rees-Mogg’s Patented Snake Oil.”