Cutting tariffs on food imports after Brexit would be “extremely damaging” for British farmers and would bring only small benefits to consumers in terms of lower prices, MPs have warned. A report by the business, energy and industrial strategy select committee said the government was running out of time to seal an EU trade deal, which is vital to the UK’s £28.8bn food and drink industry. The findings are the latest blow to the “Global Britain” vision promoted by some leading Brexit supporters in government, who have argued that Britain should be prepared to shift its regulatory system away from the EU’s to pursue the benefits of trade farther afield. “The success of the [food and drink] industry has been highly dependent on participating in…

Source: The Times April 21, 2018 23:08 UTC