Brexiteers have been trumpeting the fact that our economy is still pretty stable as evidence that Brexit was a great idea – despite the fact we haven’t done it yet.
But it’s going to get a lot worse for ordinary people, based on data from the British Chambers of Commerce’s quarterly survey of 7,000 businesses, the largest of its kind.
Prices could soon shoot up for a lot of products – including important stuff such as wine, meat and shoes.
The BCC survey showed many more manufacturers now expected to raise prices, reflecting a sharp increase in raw material costs in part due to sterling’s weakness.
The British Retail Consortium said it was worried about import prices if Britain lost its preferential access to EU food markets and adopted World Trade Organization tariffs instead.
Here’s what’s going to get more expensive
The average duty on meat imports could be as high as 27%, the British Retail Consortium warned.
Clothing and footwear would attract tariffs ranging from 11 to 16 percent, the BRC said.
Perhaps worst of all, importers could face a 14% rise in costs for importers of Chilean wine.
The weak pound has already led to serious price increases in technology – Dell has implemented a blanket 10% increase in the costs it charges to British retailers.
Chinese smartphone manufacturer OnePlus raised the price of its flagship OnePlus 3 handset from £309 to £329.
The prices of holidays in Europe have already shot up, according to figures from foreign exchange firm FairFX.
FairFX estimates that a two-week family holiday in France now costs on average £395 more than before the vote.
The price of petrol is already starting to creep higher, according to the Petrol Retailers Association.
Petrol is priced in dollars on world market, and the weaker pound now buys less.