Rabobank has warned the price of cod could rise by 18% should the UK leave the European Union without a free trade deal in place.

The findings come from Rabobank’s latest report on the UK’s fishing industry, Fishing for Answers II.

In the event of a hard Brexit, we could see the price of fish supper rise by a fifth, seeing tariffs placed on cod imports.

Beyhan De Jong, animal protein analyst at Rabobank, has explained that this would “likely see Britain’s fish and chip shops increase consumer prices to cover their own rising costs”.

The main type of fish used in fish and chip shops are prepared and preserved fish, which accounts for almost £100m in imports and carries the highest tariffs.

Jong adds: “An ocean of uncertainty awaits the UK’s seafood industry should it fail to negotiate trade deals with its neighbours.

“The UK could in turn retaliate and counter-impose tariffs on some of the continent’s favourites, namely Scottish salmon, herring and mackerel, which dominate the fish landings of EU boats in UK waters”

Future tariffs on the UK’s seafood imports would depend on whether it signs a free trade agreement with the EU and countries including Iceland, which is Britain’s biggest cod supplier.

Whilst prepared and preserved fish carries the highest tariff, frozen fillets, which make up over £340m of imports, bear the lowest.

This change could result in consumers paying more for the most popular seafood and fish products in both Britain and the EU.