Gillette maker's boss warns on Brexit price rises
The boss of Procter and Gamble, maker of Fairy liquid and Gillette razors, says its products could cost more if the UK leaves the EU with no deal.
Tariffs the company may have to pay would be added to grocery bills, David S. Taylor told the BBC. "If it's a hard exit it can drive cost in the system," he said. Procter and Gamble and many other companies want "an amicable solution between the UK and the EU," he said. He joins a chorus of business voices trying to put pressure on MPs to come to an agreement, including the British Chambers of Commerce, the Federation of Small Businesses, the Institute of Directors and the Confederation of British Industry. "What happens is if there's additional money through tariffs or other costs that have been incurred somehow, we'll have to cover those. So we encourage the two parties to work together and find a solution," he said. Last month, Bank of England governor Mark Carney warned that food prices could rise between 5% and 10% if there is a disorderly Brexit. Mr Carney told MPs that in the most "extreme" case, prices would rise by 10%, but in a less severe scenario the increase would be about 6%. The Bank of England has attempted to assess the impact of Brexit on several occasions. All its assessments have seen it as a potential negative for the economy. In total, 53% of all imports to the UK come from the European Union, it's largest trading partner. The UK imports 30% of its food from the EU.