Belfast Telegraph

UK Website Of The Year

Expect higher food prices if UK leaves EU, says ex-Tesco boss

Published 13/06/2016

Sir Terry Leahy, the former Chief Executive of Tesco, warned of the risk of recession after Brexit.
Sir Terry Leahy, the former Chief Executive of Tesco, warned of the risk of recession after Brexit.

Former Tesco boss Sir Terry Leahy has urged the British people to vote to stay in the European Union, reiterating his warning that food prices will rise as a result of Brexit.

With just 10 days to go until the crunch vote, he said that the UK faces the prospect of a "major recession", higher tariffs and capital flight should Britons opt for exit.

Speaking from the International Festival for Business in Liverpool, Sir Terry told the Press Association: "The message is, don't take a leap into the unknown. There is a major risk of recession that the UK cannot afford, we could see capital flight and the pound fall.

"Food prices will go up if we vote for Brexit as the supply chain would be severely disrupted and we would be paying tariffs. Consumers are a big part of the recovery, and we should protect that recovery, not risk it."

Sir Terry's comments come after he and several other former high street bosses - Marc Bolland of Marks & Spencer, Justin King of Sainsbury's and Sir Ian Cheshire of B&Q owner Kingfisher - penned a letter in May warning that Brexit would be "catastrophic".

Read More

From Belfast Telegraph