The cost of Brexit beginning to hit Welsh pockets

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Steffan Lewis AM comments on British Chambers of Commerce survey

Steffan Lewis AM, Plaid Cymru Shadow Cabinet Secretary for External Affairs, today responded to the British Chambers of Commerce’s latest survey that finds that 68% of businesses expect the fall in the value of Sterling to increase their cost base in the coming year and that 54% of companies expect to have to increase the prices of their products and services over the next 12 months.

Steffan Lewis AM, Plaid Cymru Shadow Cabinet Secretary for External Affairs, said:

“When a majority of people in Wales voted to leave the EU last year, they did not vote to gut our economy, damage our businesses, and lose jobs. Brexit has not even happened yet, but this survey by the British Chambers of Commerce shows that a substantial number of UK businesses are already feeling the effect of a fall in the value of the pound.

“The triggering of Article 50 will be followed by years of market uncertainty. With over half of the businesses surveyed saying that they expect to have to increase the prices of their products and services over the next 12 months, the cost of Brexit is going to start being felt in people’s pockets.

“Plaid Cymru will not support a hard Brexit that risks imposing trade tariffs and costly new regulatory barriers on businesses trading with the rest of Europe. Cutting Britain off from our closest neighbours, and exchanging existing trading relationships with the promise of mythical trade deals with countries on the other side of the world, is economic recklessness.

“Plaid Cymru has been clear that continuing participation in the single market is the best way to safeguard Wales’ future. We must prioritise protecting Wales’ economy and not allow Westminster to choose a Brexit settlement that puts ideology over keeping Wales in business.”

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