Households could face an increase in their shopping bill of up to £930 a year if the UK leaves the EU with no deal and trades with the bloc under WTO rules, according to a study by the National Institute of Economic and Social Research (NIESR) published today.
The impact would be disproportionately bad for the poorest and the unemployed, the NIESR research suggests.
Commenting, James McGrory, Executive Director of Open Britain, said:
“An extreme, destructive Brexit with no deal would wallop working families with gargantuan price rises, hitting the very poorest the most.
“Leaving the EU with no deal, or with any agreement that increases tariffs on imported food and clothing, would be shooting ourselves in the foot as a country.
“The Government must ditch its ideological and reckless choice to leave the Customs Union, and ensure that we will not face any tariffs on trade with Europe after Brexit.
“Nobody voted in the referendum for higher prices in the shops. If the Brexit deal does not match up to the Government’s sunny rhetoric, the British people have a right to look again at what they are being offered.”
Notes to editors:
The NIESR analysis is reported here: https://www.theguardian.com/politics/2017/nov/03/no-deal-brexit-could-add-930-a-year-to-uk-shopping-bills-say-experts