Researchers say price rises would hit the poorest households hardest if Britain leaves the EU without a trade deal Justin Tallis/AFP/GettyMillions of households would be more than £500 a year worse off if Britain leaves the European Union without a deal, according to researchers. The average bill would rise by £260 in a “no deal” scenario in which Britain would begin trading with the EU on World Trade Organisation terms. The worst-hit households could experience price rises taking £500 out of their budgets, with the poorest 20 per cent of households suffering a toll a third greater than the richest 20 per cent. The findings by the Resolution Foundation and the UK Trade Policy Observatory are based on the government carrying over the EU’s tariffs — taxes it applies to imports — after Brexit. However, if the government reacted to a “no deal” Brexit by unilaterally abolishing…

Source: The Times October 16, 2017 23:06 UTC