A no-deal Brexit could cost retailers US$12 billion

The U.K. officially leaves membership of the European Union in 6 months, either with a negotiated separation or with a “no deal” exit. Research by Barclays Bank predicts that grocers will face an average tariff of 27% levied on future imports of food and drink from the E.U., with processed goods hit the hardest. Currently 71% of the U.K.’s imported food and drink comes from the E.U., with 60% of the country’s exports flowing back to the E.U. “Some products would avoid tariffs, even i