Cost of living to rise after Brexit
October 14, 2019
UK consumers are set to face price increases due to Brexit according to an in-depth report launched today by the Office of Antony Hook, Lib Dem MEP for South East England.
The report, based on numerous independent sources, shows the consequences of Brexit on cost of living in the UK. The report’s key findings include:
- The Theresa May Withdrawal Agreement (WA) only guarantees tariff-free trade until December 2020.
- The Bank of England has warned that a no-deal exit would plunge the UK into a recession by the end of 2020.
- The Office of Budget Responsibility (OBR) has stated that the prices of both goods and services in the event of a no-deal Brexit will rise sharply due to the devaluation of Sterling.
- An average UK household will spend an extra £260 per year on consumer goods as a result of a no-deal exit.
Mr Hook said:
“With 55% of our imported goods coming from the EU, the adverse effects of Brexit will hit British people and families.
“Membership of the European Union has allowed us to import more consumer goods at lower prices. Our current zero-tariff trading arrangement as EU members is the best deal for Britain.
“There are no positive benefits of Brexit on the cost of living. It is a disgrace that the average household will have to spend an extra £260 a year just to have the same consumer goods they have now.
“We must stop Brexit so that Britons can continue to enjoy a wide range of consumer goods from Europe at competitive prices”.