Fry-up lovers across the UK could be among the first to suffer as a result of Brexit, with a departure from the European Union likely to push the cost of an English Breakfast up by more than four times the rate of inflation (12.8%).
In the year since the UK voted to leave the EU, politicians up and down the land have made the unfortunate error of saying breakfast instead of Brexit – in fairness, the words are similar and public speaking can be particularly tricky on an empty stomach.
But few if anyone will be laughing once they see the figures put together by KPMG showing that the key ingredients of a fly-up could rise by close to 13% if World Trade Organisation (WTO) tariffs come into place.
Such a rise would most likely be passed on to customers, with more expensive fry-ups and fry-up options available in the supermarket.
The potential post-Brexit price increases amount to the following:
Bob Jones, Director and Brexit Customs and Indirect Tax Lead at KPMG UK, said:
“WTO tariffs could have a significant impact on both consumers and retailers alike – totting up consumer price tags and further squeezing retail margins.
“If the UK leaves the EU without a trade deal or transitional agreement, we can expect both higher prices and a huge spike in red tape at the borders”
While things like milk and eggs are sourced in the UK, other items like orange juice, olive oil and butter could all be hit with a significant price tariff increase.
Pork sausages and unsmoked back bacon also look set for a price hike with the post-Brexit breakfast likely to got a pretty penny more.
It might be time to stock up on those key ingredients now to ensure our breakfast safety in a post-Brexit Britain.
The warning follows similar concerns suggesting the price of the average pint could be set for a significant increase in the wake of the decision to leave the EU.
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Loaded staff writer Jack Beresford has produced content for Lad Bible, Axonn Media and a variety of online sports and news media outlets.