Nick Clegg: 5p rise in cost of petrol down to Brexit

Last June, the price of petrol was 111.2 pence per litre. Last week, it was 1118.1 pence per litre. The price of oil takes care of about 2p of that. The rest - around 5p - is due to the post-referendum collapse in the value of the pound against the dollar.

This 5p increase works out at £2.50 on a tank of petrol for an average-sized car, or £60 per year for the average motorist.

For hauliers, the impact of the increase in fuel prices is far greater, adding more than £2,200 per year for the average lorry. 85% of everything we buy is carried by truck, so the increase in fuel costs will push shop prices up too.

Nick said:

"Theresa May claims that Brexit is going to be a great success. The reality is it's going to make us poorer. The effects are already being felt.

"Around 5p of the increase in petrol prices since last summer is down to the shockwaves from the referendum vote.

"The rise in fuel costs will push up prices in the shops. This means consumers are going to be hit twice, once at the pump and again at the checkout.

"The Conservatives are driving the country towards an uncertain future. Their extreme interpretation of the referendum result will see us yanked out of the Single Market, our best guarantee of economic stability. They are deliberately planning to put an end to barrier-free trade with the continent.

"The consequences of this are going to be felt not by the wealthy elites but by ordinary people up and down the country. Fuel prices are just the tip of the iceberg.

"This is why the country needs a strong opposition, and the Liberal Democrats are the only party committed to providing it.

"We haven't even left yet, but we know that inflation is up and the effects on our economy are only starting to be felt."