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READ MOREBrexit checks added £210 to household food bills, research finds
Brexit added an average £210 to household food bills in the two years to the end of 2021, burning a £5.8 billion hole in consumers’ pockets, new research suggests.
The increase was driven by extra checks and requirements on goods – representing an “important impediment” to trade with the bloc, with much of the cost passed on to consumers, according to the Centre for Economic Performance (CEP) at the London School of Economics.
The researchers said the hike in prices would disproportionately hit poorer people, as those on low incomes tend to spend a greater share of their pay packets on food.
While the Trade and Cooperation Agreement, which came into force in January 2021, ensures that trade between the UK and EU remains tariff-free, it lacks “depth”, the CEP said.
It blamed the increase in food prices on a Brexit-induced rise in “non-tariff barriers” (NTBs) on trade between the UK and EU, including new customs checks and measures affecting the movement of animals and plants.
Read more at Yahoo Finance
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