Even before coming to such extremes, it looks like domestic food will become more expensive without much relief from imported food that will be more expensive too.

Net effect: Most people will have to spend a higher - sometimes much higher - share of their income for food. Other expenses will have to be cut, such has vacation jaunts in the Canaries or Ibiza, not to mention farther flung destinations. Easy Jet and other carriers will suffer along with Cook, Thomson and other travel businesses.

Looks like a more frugal life ahead, like it was for most Britons in the 1950s and 60s...