EU exit would mean higher prices warns retail chiefs

A number of ex retail bosses from Tesco, Sainsbury’s, M&S, Asda, Waitrose, Morrisons and B&Q have today spoken out about how Britain leaving the European Union would lead to a rise in prices for shoppers in the UK.

High profile figures from Britain’s retail giants which included former Tesco boss Sir Terry Leahy, former Marks and Spencer boss Marc Bolland, and former Sainsbury’s boss Sir Justin King all signed an open letter along with the USDAW trade union warning upcoming referendum voters that a leave vote would be “catastrophic for millions of ordinary families.” Representing over 425,00 workers USDAW said that their new research showed that workers would be at least £580 a year worse off if Britain leaves the EU, due to the pound weakening and new tariffs imposed on imported goods like food, drink and clothing. Alistair Darling, former Chancellor of the Exchequer, said: “Every credible economic expert is clear – leaving the EU, our biggest market, would hit trade, boost inflation, and increase the price of imports. This would be devastating for working people who cannot afford a rise in the cost of living. “The economic consequences of leaving Europe could well be worse than the damage done by the Great Recession of 2008. Workers, families and small businesspeople would all be hammered if we leave. The safe choice is to vote to remain in Europe”.