From the Guardian:
We are experienced retailers from Tesco, Sainsburys, Marks & Spencer, Asda, Waitrose, Morrisons and B&Q and with USDAW, who represent hundreds of thousands of trade union members, believe that if we leave the European Union prices will rise.
There are two key reasons for this.
Firstly, supply chains. Weve spent the last few decades building very strong supply chains with the EU, which are fully integrated in order to deliver better quality, choice and value for the UK consumer. The single market and free trade are critically important to the strength of the consumer economy. Food is always one of the battle grounds for trade negotiations and the idea that we can reshape supply chains which have taken 45 years to build, in two to three years, is delusional.
Secondly, the value of the pound. In the past two weeks alone, as worries over leaving Europe have increased, the pound has fallen dramatically. This will push up prices. A Leave vote will very likely make this worse and lead to a further rise in prices - such as the cost of filling a petrol tank, and the price of a weekly shop. We strongly believe that a Brexit will see less money in peoples pockets and be catastrophic for millions of ordinary families. That is why we believe that Britain should remain in the EU on 23rd June.
It has been signed by:
Marc Bolland, former CEO of Marks & Spencer and Morrisons
Sir Ian Cheshire, chairman of Debenhams and former chief executive of Kingfisher
Justin King, former CEO of Sainsbury
Sir Terry Leahy, former CEO of Tesco
Andy Clarke, the outgoing Asda chief executive
Dalton Philips, the former Morrisons CEO
Lord Price, the former Waitrose managing director, and now a trade minister
John Hannett, the Usdaw general secetary