Article 357VA 'No-deal' Brexit likely to hit low-income families hardest

'No-deal' Brexit likely to hit low-income families hardest

by
Larry Elliott and Lisa O'Carroll
from Economics | The Guardian on (#357VA)

Sharp price rises could cost average household 260 a year if UK leaves EU without a trade deal while richest will be least affected

Leaving the European Union without a trade deal would likely result in a sharp increase in prices for food and other goods, costing the average UK household 260 and hitting low-income families hardest, according to new research.

Following Theresa May's attempt in Brussels on Monday night to unblock Brexit talks, a joint report by the Resolution Foundation thinktank and academics at Sussex University predicted that "just about managing" families in the UK's poorer regions had most to lose from the negotiations failing.

Britain wants to discuss its future trading relationship with the EU because 44% of UK exports go to, and 53% of imports come from, the EU 27 countries. Post-Brexit conditions of trade could, therefore, have a major impact on Britain's economy.

Related: Grayling's claims that UK can grow more food dismissed as 'tripe'

Related: The Brexiteers' trade fantasies are crashing down around their ears | Molly Scott Cato

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