Cameron warns of higher food prices in UK following Brexit

British Prime Minister David Cameron has warned of higher food prices in the UK if Britain decides to leave the European Union at a June 23 referendum.

"A weaker currency means more expensive imports; that means more expensive food and it drives higher business costs. And we all know where that ends up: higher prices in the shops," Cameron wrote in the Sun on Sunday newspaper.

He noted that family's weekly food and drink bill would increase by almost 3 percent, or 120 pounds ($174.06) per year on average.

Clothing and footwear costs would also see an increase of 5 percent, or 100 pounds per year, he added.

However, the 'rival 'Out' campaign has rebutted the analysis.

"The EU pushes up the prices in our supermarkets because of its protectionist policies. That's ok for big business fat cats but it's not good for British families,” said Vote Leave Chief Executive Matthew Elliott.

According to a leaked letter dated February 8, Cameron had plotted to keep Britain in the EU. He had discussed the role of big business in the “Remain” campaign before he even completed renegotiation of the deal with European leaders.

He has already warned that leaving the EU would cost Britain billions of pounds. He has said Brexit would also have a “devastating impact” on future major road, rail and education projects.

The Bank of England had also said earlier that Brexit could push the world’s fifth largest economy into recession.

Opinion polls have indicated that UK voters believe staying in the EU would be best for Britain's economy, but that support for leaving and remaining still remains at a virtual tie.

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