Hard Brexit will increase cost of living for Irish households by over €1,000 a year - report

Hard Brexit will increase cost of living for Irish households by over €1,000 a year - report

A hard Brexit would increase the cost of living for households here by up to €1,300 every year.

New research from the Competition and Consumer Protection Commission and the ESRI shows a no-deal Brexit would lead to tariffs on UK imports, meaning people would pay more for goods.

Prices for higher income households would rise by 2.5 per cent - but those on lower incomes would face a 4 per cent increase.

Edgar Morgenroth, who co-authored the report, explains: "Poorer households have different expenditure patterns compared to richer households and for them food products are a greater part of their expenditure and those are also the products that under a WTO scenario would be hit most.

"So that then affects the prices of the items that poorer households purchase more of."

Digital Desk

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