Brexit breakdown: How your household bills will change after October 31
PUBLISHED: 08:00 12 October 2019 | UPDATED: 15:07 12 October 2019
Scare mongering aside – Brexit is due to have an impact on the average UK household in the event of a no deal.
The area which is widely thought to see the biggest upheaval is on the supermarket shelves, as Britain imports around 30% of its food from the EU.
Currently the UK can import this food with no tariffs - but a 2018 House of Lords report revealed that a no deal Brexit will see an average tariff of 22% will be enforced, pushing prices up.
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Wine is the UK's most valuable food import, totalling more than £2 billion a year.
The majority of this comes from France, with imports totalling £905m, followed by Italy at £676m.
This could be substituted for increased imports from Australia, New Zealand, or Chile, but would mean drinks like prosecco, champagne and cava are less prolific.
Bacon is another item which we import heavily, predominantly from Denmark.
Despite imported Danish bacon dropping by 6% last year, it is still a £200m market and is closely followed by the Netherlands at £190m.
On the other side of the coin, the EU is by far the biggest market for UK exports.
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98% of British Lamb is imported to the EU, and would be hit by an average tariff of 40%, making it far less competitive.
Another area which is worrying consumers is medicine supplies, as 90% of it is imported.
Of that, 45% is imported from the EU.
The NHS has already published information saying that "routine operations should not be affected" and that it is already stockpiling supplies and increasing warehouse space to mitigate any impact of a no deal.
It added that it also had a number of protocols - including a serious shortage protocol - in place to deal with any unforeseen impacts.
On the plus side, energy and petrol bills should remain relatively untouched, as only 12% of the UK's gas and 5% of its electricity comes from the EU.
The National Grid has estimated that because of this slight shortfall, UK consumers could pay an extra £500m a year once the country is out of the internal energy market.
However compared to the estimated market size of £30bn - this is a relatively small price.
Petrol prices are also thought to be disrupted for only a short period of time, as only 8% of UK fuel is imported from EU countries.
Jason Lloyd, managing director of PetrolPrices.com says "The impact of a no deal Brexit on fuel supply across the UK is likely to be temporary as retailers adjust and source supplies from different sources.
"Should petroleum from any country get stuck at the UK border, I would expect the 7 UK refineries and North Sea pipelines to increase the supply of petroleum from non-EU sources to offset the loss, but that would cause a few weeks temporary disruption."
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