Thursday 29 June 2017

Brexit 'could hike UK food prices by 60pc'

Former deputy PM Nick Clegg. REUTERS
Former deputy PM Nick Clegg. REUTERS

Independent.ie Newsdesk and Agencies

The price of some food in the UK could rise by up to 60pc if the British government pushes for a hard Brexit, former deputy PM Nick Clegg has warned.

He said fears over the price of Marmite were just the tip of the iceberg - with the cost of chocolate, cheese and wine likely to be hit by a "triple whammy of punishing tariffs" if the UK leaves the EU's single market without a new trade agreement in place.

A report commissioned by Mr Clegg's Lib-Dems says £11bn (€12bn) worth of agricultural products that the UK sells to the EU each year would be hit with an average tariff of 22.3pc. Tariffs on beef exports would be set at 59pc, chocolate at 38pc, cheese at 40pc and wine at 14pc.

Under World Trade Organisation's rules, tariffs will also apply to all imports into the UK until a trade deal with the EU is struck.

Irish Independent

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