Dec 27, 2020

Brexit impact on food prices 'very modest' - Tesco

EPA. Any changes to food prices after Brexit are likely to be "Very modest indeed" under the deal struck between the UK and the EU, the chairman of Tesco has said. Prime Minister Boris Johnson has said the deal ensures "Tariff-free" trade between the UK and EU. Mr Allan said: "There'll be a little bit more administration associated with importing and exporting. But in absolute terms, I think that will hardly be felt in terms of the prices the consumers are paying." 70% of small businesses only trading with the EU, and not further afield, many of them may be dealing with customs paperwork for the first time, Mr Allan warned. If the deal had not been struck, the Tesco chairman had previously suggested Brexit might change what Britons eat, as the prices of imported food such as brie cheese could have risen by up to 40%. But Mr Allan suggested that Brexit would now only have a "Marginal effect" on what shoppers put in their trolleys. Mr Allan said he was confident the deal "Will not obstruct our ability to keep our NI supermarkets supplied".

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