Food prices will decrease dramatically when the UK leaves the EU, according to high-profile economist Roger Bootle.
Mr Bootle, chief executive of Capital Economics, said he expects the UK to come out of the common agriculture policy and drop the European common tariff when it leaves the EU.
“The result of that will be much lower food prices,” he told delegates at Retail Week Live.
Mr Bootle said he expected a slowdown over the next six months, with real incomes squeezed, but predicted that Brexit – what he termed “the great escape” – would be positive for UK consumers and businesses in the long term.
(Source: Retail Week)