Brexit without agreement may bring steep rise in prices and a lack of food

Due to food shortages and sudden high tariffs, there would be a risk of steep price increases if the UK would leave the European Union without agreement during the Brexit – according to the joint communication of the British, Northern Ireland and Irish professional retail sector organizations.

The British Retail Consortium (BRC), the Northern Ireland Retail Consortium (NIRC) and the Retail Ireland leaders point out in an open letter that without agreement, if the UK switch to the general rules of the World Trade Organization (WTO), a customs duty of over 40 percent will be applied for some food products. (MTI)