Tesco boss John Allan has explained how Brexit will affect food prices after the news of a deal was reached last week.
Boris Johnson and the Government hailed the news that a deal between the UK and the EU has been reached just before Christmas.
And many people have been trawling through the massive document to find out how it will affect Britain. And there were some people who felt Brexit would have an impact on our food and groceries.
But according to the boss of one of the UK’s biggest supermarkets, we won’t be seeing prices increase much – not at at all.
Tesco chief John Allan went on the radio earlier at the weekend to explain how he thought food prices will be affected, reports the Mirror.
Speaking on BBC Radio 4’s The World This Weekend, the Tesco chairman said the deal would “hardly be felt in terms of the prices that consumers are paying”.
Allan had warned in the past that food prices could rise between 3% and 5% if a deal wasn’t done.
“The tariffs were the things that were going to generate the price increases,” he said.
“There’ll be a little bit more administration associated with importing and exporting. But in absolute terms, I think that will hardly be felt in terms of the prices the consumers are paying.”
He was also confident extra restrictions would be overcome when it comes to getting food to stores in Northern Ireland.
“All the detail is not clear, but we were well set up, even if there was no deal, to continue to supply our NI supermarkets,” Allan said.
“I think that will be even easier now.”
But while he expected things wouldn’t get much worse, he added that there weren’t any major advantages either.
“We won’t be seeking food from other countries that have different and potentially lower food standards than us, so I don’t think it’s going to make any material difference,” Allan said.