UK: Food Bills Set to Rise By 12% With a No-deal Brexit, Supermarkets Warn
This week, the UK’s largest supermarkets issued a stark warning in The Times that a no-deal Brexit would force up the price of the average weekly shopping trolley by as much as 12%.
That figure is an average expected price increase, but some staples are expected to rise considerably more because of tariffs. For example, beef is expected to rise 40%, chicken 22% and cheese 44%.
WTO tariffs that would be imposed after a no deal exit are just one cause of potential price increases. There are other, less obvious but equally serious drivers that could affect food prices depending on the deal we strike with the EU.
The plunge in the value of Sterling since the referendum has seen the cost of imported meat rise considerably. For some meat processors who import up to 40% of their raw materials, this is a significant increase in costs some of which are resulting in higher prices to the consumer...
To Read Full Story Login Below.
Submit comment or question
Note: All comments are displayed with user's screen name. If screen name is not present, user's full name will be used. Please go to My Account to update your screen name.
Comment Policy: Urner Barry has made the comment feature available to encourage further discussion of our news stories. Defamatory or offensive comments, or comments deemed not relevant to the story will be removed, and if necessary, Urner Barry may restrict the right of individual subscribers to offer comments. In all cases, comments represent opinions of the poster only, and do not represent fact, news, opinions or estimates put forward by Urner Barry.
Email Address is required. Password is required.