Brexit: EU must 'drop prices' to compete in UK shops says Lord
Tory peer Lord Moylan argued things could begin to improve for the British consumer. Speaking to Express.co.uk ahead of Boris Johnson’s historic Brexit trade deal with the European Union, he predicted EU businesses will drop their prices. He insisted they would have to do this to remain competitive in the UK market.
He claimed with more options to trade with nations abroad the UK could have access to cheaper goods ultimately forcing EU businesses to lower their prices in response.
Lord Moylan said: “You would have to ask European businesses how they are feeling.
“The fact is they will still have access to the UK market, we will still be buying lots of things from Europe.
“Many of those things, even with no deal, will come in with very low tariffs.
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“With a no deal they would have to get used to some paperwork.
“But they do that paperwork when they export to the rest of the world, now they will have to do that when they export to Britain.”
Lord Moylan remarked how the UK market will begin to change after the Brexit deal and how companies will have to adapt.
He said: “The stuff will still be in the shops, a lot of it, but it will be competing in a different environment.
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“We will be buying stuff from overseas at lower prices.
“European business prices may very well have to come down in order to compete.”
Lord Moylan also highlighted the benefits the British consumer could expect after the Brexit deal.
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He said: “It is better for the British consumer.
“What would be really good for the British consumer would be if we were cutting tariffs on imports from the rest of the world.
“Then we would have access to cheap goods from all over the world rather than putting tariffs on them.
“Then Europeans selling similar goods to us would find they would have to lower their prices to match the global imports.”
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