Report finds Brexit could cost over £9bn
FAILING to reach a deal with the EU on Brexit could cost food retailers and their supply chain £9.3bn according to a new report from Barclays Corporate Banking.
As Brexit negotiations continue to flounder, the new Barclays report, ‘Scale, Disruption and Brexit – a new dawn for UK food supply chains?’, shows the impact a no-deal Brexit could have on retailers.
According to the report, food retailers would be affected by a new average tariff of 27% on food and drink goods entering from the EU.
Should Westminster and Brussells fail to come to an arrangement over customs, every consignment of goods from the EU would also require a customs declaration which starts at a minimum of £50.
The report claims the UK imported £48bn worth of food and drink in 2017, approximately 40% of the total UK market.
Euan Murray, relationship director for Barclays Corporate Banking in Scotland said: “For the good of both UK business and consumers, the potential impact on our producers and grocery retailers should be front and centre of Brexit negotiations.”
