Dixons Carphone boss: Post-Brexit fall in the pound will drive up prices

TELEVISIONS will become more expensive if the UK quits Europe, the boss of the UK’s biggest electrical retailer has warned.

Dixons Carphone boss Sebastian James, a close friend of David Cameron, said if the pound plummets after Brexit it will cost more to import electrical goods from abroad, driving up prices in British shops.

“All of our goods, 100% of our goods, are dollar denominated or yuan denominated. We buy them in China and the US and therefore it is inevitable we will have to see prices rise if the [sterling] currency devalues. That’s just a mathematical fact. That is quite likely,” he told the Investor Relations Society conference yesterday.

Dixons Carphone operates in eight EU countries, including the UK, plus Norway.

James said he is a “very passionate remainer” and that most people who were “open hearted and open minded” were in the remain camp.

He co-signed a letter in February from business leaders criticising Brexit.