Brexit deal feeding inflation as CPI hits double digits

Responding to the latest figures published by the ONS today which showed that inflation was 10.1% in the year to July 2022, Hilary Benn MP, Co-convener of the cross party UK Trade and Business Commission said,

“Inflation is clearly a global problem but the UK is experiencing one of the highest rates of inflation among other comparable economies, almost twice as high as France and around four times that of Japan.

“The UK is the only G7 country dealing with the added pressures caused by the Government’s Brexit deal which has increased costs for businesses and contributed to labour shortages, in turn driving up prices for consumers even further. As well as acting on energy prices, the Government should also seek to improve the terms of the Brexit deal to remove these artificial barriers to trade and allow for the easier movement of labour to and from the UK.”