Warning food prices could soar by 20% as pressure mounts on Reeves over flailing economy
Rachel Reeves has been hit by a triple whammy of setbacks that appear to have shattered Labour’s dreams of boosting Britain’s economic growth.
With the chancellor set to fly to China on Friday, the pound fell amid fears of surging borrowing costs and future tax rises – and a shocking new report seen by The Independent suggested that the price of food and household staples could rise by 20 per cent.
The Chartered Institute of Procurement and Supply (CIPS) revealed that massive problems with supply chains and trade routes, exacerbated by Brexit, will see imports cost between 5 and 20 per cent more, fuelling a new cost of living crisis.
Warning food prices could soar by 20% as pressure mounts on Reeves over flailing economy