Brexit Could Result in 20% Boost in UK Fuel Costs

Britain EU-membership leave could result in fuel costs for UK enterprises, an analysis of government import data said.

MOSCOW (Sputnik) — Britain leaving the European Union could result in fuel costs for UK consumers and businesses rising by 4 billion pounds ($5.8 billion), an analysis of government import data, released Monday, said.

The analysis, conducted by Greenpeace’s Energydesk edition, implied that the change in the costs will affect oil, gas, coal and electricity imports to the United Kingdom.

The 20-percent rise in the fuel costs, among other issues, is attributed to the forecast continuing fall of the British currency’s value. If the UK government decides to cut VAT on fuel, it would cost the treasury around 1.6 billion pounds. However, such move would still be unlikely to compensate for the rise in the fuel import costs, the edition reported.

In addition, trading and investment costs in the country could also rise sharply, according to the edition.

In 2015, UK households and businesses spent nearly 21 billion pounds on imported coal, oil and gas.

Voters across the United Kingdom will take part in a referendum on Thursday to decide whether or not the country should exit the European Union.

According to the latest data provided by the Financial Times' Brexit poll tracker, the gap in the numbers between those supporting the United Kingdom's membership in the bloc and those intending to vote "leave" disappeared over the weekend.