UK shoppers would see only a very modest fall in prices after EU tariffs are removed following referendum , according to a report by the Institute for Fiscal Studies ( IFS ) . The report found scrapping EU subsidies would raise prices by about 1.2 % overall but this would not offset the 2 % drop in prices caused by the devalued pound following the referendum on EU membership . The report contradicted claims by EU economists that the removal of EU subsidies would lead to lower prices .
UK shoppers would see only a very modest fall in prices after EU tariffs are removed following Brexit, according to a report by the Institute for Fiscal Studies (IFS). The report found scrapping EU tariffs would reduce prices by about 1.2% overall but this would not offset the 2% increase in prices caused by the devalued pound following the referendum on EU membership. The report contradicted claims by Brexit supporters that the removal of EU tariffs would lead to lower prices.