Since the United Kingdom's vote late last week to part ways with the European Union, British politicians, businesses, and citizens have been coming to terms with how the "Brexit" will affect the country as a whole. In the days following the vote, the British pound's valuation has hit a 31-year low and European stocks have fallen as uncertainty over the future of the U.K.'s economy has reached a frenzy. And when it comes to this uncertainty, the food sector hasn't been immune.
According to the National Farmers Union, the Brexit referendum is going to raise food prices across the country. As The Guardian reports, NFU president Meurig Raymond warned about the economic implications of the vote, which he calls a "political car crash."
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Because the U.K. depends on imports for approximately a quarter of its food—and on the rest of Europe as a crucial export partner—exiting the Union will drive food prices up, according to Raymond. "Sadly, we only produce 60 percent of the food we consume," he says. "We've seen our self-sufficiency fall dramatically, so we are very dependent on imported food."