Brexit - UK retail industry warns of higher prices if no UK-EU trade deal reached
British Retail Consortium (BRC) sounds the alarm on boosted inflation if UK and European negotiators fail to reach a post-Brexit trade deal.
- without tariff-free trade, higher prices from next year for consumers
- 80% of UK food imports come from the EU
- EU imports have a major role in supply chains for other retail sectors also
- will apply from January 1 2021
- 85% of foods imported from the EU will face tariffs of more than 5%
- average tariff on food imported from the EU would be over 20%