Retailers issue stark shop price Brexit warning
The British Retail Consortium (BRC) has warned of deleterious consequences of any Brexit deal which fails to maintain trade concessions with Europe, pointing out that tariffs and duty rises will be passed on directly to consumers.
Concerns are mounting that if the UK were to revert to default World Trade Organisation rules then the duty on imported meat could rise by 27 per cent whilst clothing and footwear tariffs could rise by 16 per cent from nothing at present. Even importers of Chilean wine could be hit by a 14 per cent rise in costs.
BRC chairman Richard Baker said: "We will be supporting the Government through this complex and difficult process, helping them analyse how increased cost pressures on retailers could mean higher shop prices and identifying any opportunities for new trade deals that could benefit individuals and families.”
The BRC’s intervention comes as it launches a Brexit campaign to push for favourable trade terms in the upcoming negotiations.