Imposing tariffs on EU goods after Brexit would lead to an 8% increase in dairy products, a 6% rise in meat and a 5.5% jump in the cost of motor vehicles, the report found. But the Resolution Foundation and Sussex University study said that hard-pressed families were most at risk from a no-deal outcome because they spend more of their budgets on food, clothing and household goods. Inflation is expected by the City to hit a five-year high of 3% when official figures are released on Tuesday. Farmers would be particularly at risk in the event that the UK eliminated all tariffs on imported food. The customs bill published earlier this month ruled out a unilateral abandonment of tariffs after Brexit.

Source: The Guardian October 16, 2017 23:01 UTC