Resolution Foundation report finds 'no deal' Brexit would cause significant price rises

Its findings show that under WTO rules, the average household would see price rises worth an extra £260 a year, while over three million families would see price rises of over £500 a year.

The report finds that low-income households would face the biggest cost pressure.

Liberal Democrat Brexit Spokesperson Tom Brake commented:

"This report lays bare the devastating consequences of a no deal Brexit for families across the UK.

"No amount of preparation will protect struggling households from rising prices caused by crashing out of the EU.

"And it is the poorest families, not the Eurosceptic MPs championing a no deal Brexit, who will be hit hardest.

"Hardline Brexiteers need to stop pretending the UK will thrive with no deal, and accept that leaving with no deal would be disastrous for jobs and living standards."