UK may need IMF bailout unless Brexit renegotiated, says City finance chief

A businessman has discussed how Brexit is increasing the price of food, calling for the UK to rejoin the single market to help the British economy.

Speaking on Sky News, Juergen Maier, the former chief executive of Siemens reacted to a Financial Times article which said Brexit was creating a terrible situation for the food industry and blamed "red tape" for causing inflation.

"Brexit red tape is mounting up," he said.

"It has cost food manufacturers 15 to 20 per cent of their overall costs more in order to deal with the red tape which is all adding to inflation for the food that we purchase and it is making exporting more difficult."

He added: "The evidence is now so stark that these costs are mounting up and there is a solution staring us in the face that would also solve the Northern Ireland protocol but nobody yet dare talk about it and that is the rejoining of the single market.

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"That is the single best thing for a current prime minister or business secretary to do to signal more investment, to signal growth in our economy but I guess it is unlikely to happen for now."

Brexit keeps giving us one big headache.

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