Prices up, quality down - the new reality for British shoppers post-Brexit
PUBLISHED: 11:03 10 July 2017
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Get ready for price hikes, diminished quality and less choice in the shops post-Brexit.
That is the stark warning former boss of supermarket giant Sainsbury’s believes will become a new reality for British shoppers once the country quits the European Union.
Justin King said consumers are “completely in the dark” over the effect leaving the EU will have on their shopping basket.
Speaking to BBC Panorama, he said it was “very clear” shoppers would face “higher prices, less choice and poorer quality” outside the bloc.
“Brexit, almost in whatever version it is, will introduce barriers,” he said.
“That makes it less efficient which means all three of those benefits - prices, quality and choice - go backwards.”
Mr King, who was chief executive of Sainsbury’s between 2004 and 2014, said putting up prices was the “last thing” any current supermarket boss would reveal.
However a monthly tracker showed the cost of an average basket of groceries rose sharply in June.
A basket of 35 popular items came to £83.04 - £1.67 more expensive than in May and 21p higher than this time last year, according to mySupermarket’s monthly Groceries Tracker found.
The figures brought to an end a continued fall in the price of the basket amid warnings of post-Brexit increases to the cost of imported goods.
A Department for Environment, Food and Rural Affairs denied quality would be hit.