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

Earlier this year the UK govmt posted the new schedule for tariffs if there is no deal:

• 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%

via Reuters