Mars Wars: Chocolate maker warns of Brexit price hike

Fiona Dawson, the global president of Mars, has warned that the price of chocolate will go up if Britain does not secure a trade deal in the aftermath of its exit from the European Union.

Dawson estimated that prices of the sweet treats could rise as much as 30% due to increases in tariffs.

The choc boss was speaking at the American Chamber of Commerce in the EU, after British Prime Minister confirmed earlier this year that the UK would leave the single market after the Brexit process had run its course. May said that she would make a case for the "freest possible trade" during negotiations.

"The absence of hard borders with all their attendant tariff, customs and non-tariff barriers allows for this integrated supply chain, which helps to keep costs down," Dawson said.

"The return of those barriers would create higher costs which would threaten that supply chain and the jobs that come with it."

Dawson added that if new trade deals were not set up following Britain's exit from the common market, several industries would suffer from increased tariffs

"There can be no economic advantage either side restricting trade with a large market situated on its doorstep," she said.

"In simple terms, if the UK and the EU fail to agree on a new preferential deal, it will be to the detriment of all."

Mars has several factories in the UK and on the continent, and invested £23m in its Norfolk factory following last June's referendum.

On ICE, the price of cocoa was up 2.69% to $1949 per metric tonne as of 15:36 GMT.