A decision to leave the European Union would hit trade and force up shop prices in the UK, former Labour cabinet minister Lord Mandelson has warned.
In a Lords debate on the referendum on whether to stay in the EU, which will take place on June 23, Mandelson said: “We simply cannot allow British business to take such a hit for the sake of the political aims and whims of those who simply cannot understand the difference between taking back control of our country and the modern means of exercising influence in the 21st century.”
He argued that leaving the EU would mean no more “unhindered or unfettered” access to Europe’s single market, while continuing to accept European standards as a condition of access, according to The Herald.
“It would mean once the divorce is promulgated… facing a return to paying EU tariffs, while whatever deal is finally negotiated and struck between us, EU tariffs for our exports and imports and that means higher prices in our shops,” he said.
It comes after the bosses of 36 companies from the FTSE 100, including Marks & Spencer and Asda, signed a letter calling for the UK to stay in the European Union.