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Carney warns no-deal could see 10% shopping bill hike

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Mark Carney has warned that a no-deal Brexit could see average food shopping bills rise by 10%.

The Bank of England governor set out his view of the expected impact of crashing out of the EU without a withdrawal agreement as he appeared before MPs on the Treasury select committee.

Food prices would be expected to see a sharp one-off rise as the impact of new tariff barriers and a plunge in the pound takes effect, he said.

“In the most extreme scenario, on average your shopping bill goes up 10%,” Mr Carney said.

The Bank had already warned last week that a disorderly Brexit could push the UK towards the biggest slump in modern memory, with the economy shrinking by 8%, house prices crashing 30%, unemployment nearly doubling and inflation spiralling to 6.5%.

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