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Consumer champion says leaving Europe is a “clear risk to household budgets”

New analysis released today shows that a British exit from the EU could push the annual shopping bill of the average British family up by £220 and consumer experts agree.

A fall in the value of Sterling of ten per cent, caused by the uncertainty after a vote to leave, would increase the price of imports.

A range of independent economic experts have predicted a fall in the value of Sterling if Britain leaves the EU; the average forecast is a 12 per cent depreciation.

Commenting on the research, consumer expert Richard Lloyd said:

“The best forecasts I've seen suggest that leaving the world’s largest free trade single market could make consumers worse off when doing the weekly shop.

“There is widely expected to be a fall in the value of the pound if we leave. A weaker pound would make imports more expensive, and when businesses pass that cost on to consumers it would mean forking out more money at the till every week.

“As someone who has spent my career looking out for British consumers, and having listened carefully to both sides of the argument, I now regard leaving Europe as a clear risk to household budgets for some years to come.

"My advice to consumers is that remaining is the less risky choice for your personal finances.”