After Britain left the European Union (EU), food prices in the kingdom approached an all-time high. The cost has increased by 25% on average compared to the crisis background and the total loss due to bureaucratic restrictions is £6.95 billion, informs Local newspaper The Independent cites the results of a study by analysts at the London School of Economics (LSE).
At the same time, if the country had remained in the European Union (EU), the increase in food prices would have been only 17%. However, the article notes that bureaucratic restrictions on Brexit have led to a 46% increase in the costs of certain consumer goods in the UK.
“The overall additional cost of Brexit bureaucracy for British households was £6.95 billion. The Brexit bureaucracy has cost every household £250 since the UK left the EU, with only higher food bills. The increase in food prices has actually increased by around 25% without Brexit. it would have been 17% to 8 percentage points lower—almost a third—rather than an increase.
May 14 British Finance Minister Jeremy Hunt declarationThe inflation rate in the country is still at a fairly high level. Against this backdrop, the Bank of England’s decision to raise the key interest rate to 4.5% is quite correct as it will help alleviate instability due to rising prices.