MOSCOW (Pakistan Point News / Sputnik - 01st December, 2022) Brexit accounted for an additional 6% increase in food prices in the United Kingdom from 2020-2021 due to non-tariff barriers on goods from the European Union which went into effect after the UK's withdrawal from the bloc, according to a study by the Centre for Economic Performance (CEP) at the London school of Economics released on Thursday.
"In leaving the EU the UK swapped a deep trade relationship with few impediments to trade for a shallow one where tariffs are eliminated but a wide range of checks, forms and steps are required before goods can cross the border... Firms faced higher costs, and passed most of these on to consumers: over the two years to the end of 2021, Brexit increased food prices by around 6% overall," the paper said.
The study claims the cost of food that was imported by the UK from the EU in 2020-2021 rose by 210 Pounds ($250) on average for every household, adding some 6 billion pounds to UK food bills over this period.
In June 2016, 51.8% of UK citizens voted in favor of terminating the country's membership of the EU, against 48.1% who voted for to stay in the union. On January 31, 2020, the country left the bloc after 47 years of membership. A transition period continued until December 31, 2020, during which the UK was no longer a member of the EU but still remained in the EU single market and customs union. London and Brussels managed to negotiate an agreement on trade and cooperation during that period.