In a Treasury Committee meeting, taking place on 4th December, it has been reported that Bank of England governor, Mark Carney has warned that food prices could rise between 5% and 10% after Brexit.
Carney has told MPs that if the UK sees an extreme case, food prices could rise by up to 10%, and in a less severe scenario around 6% increase, according to a story by the BBC.
It is believed that the increases in price would rise partly due to the fall of value of the pound, partly from tariffs imposed and also from an increase in costs at the border as imports get checked.
Sir Jon Cunliffe, who was also present during the meeting, has claimed the UK imports about half of its food from overseas, the BBC has said, which highlights the issues that the UK might face if a disorderly Brexit occurs.
Carney has also stated during the hearing that UK ports are not ready for a no-deal Brexit which would see the country trade under World Trade Organisation (WTO) rules.
The subject of the hearing which took place on the morning of 4th December was The UK’s economic relationships with the European Union.
At time of publishing, the meeting was still ongoing.