The most obvious was the rapid rise in food prices as we lost cheap world food produced by efficient Commonwealth farmers and had to buy expensive European food produced by inefficient farmers constrained by restrictive practices and legislation.
I wrote about this earlier in a piece entitled Brexit will benefit the poor. I reproduce it below.
One of the inconvenient facts ignored by HMG in 1972/73 when Heath dragged us into the Common Market supported by the votes of the bien pensants like Shirley Williams and Roy Jenkins later the very well paid head of the EU commission was the forecast that the cost of food would rocket as we lost cheap supplies from the Commonwealth and had to buy expensive European food. I well remember how difficult my friends mothers from our poor part of Edinburgh found it to feed their families in the years 73-76. The poor have to spend proportionately more of their income on food to stay alive than the claret quaffing Jenkins or the great dynastic socialist Williams.
This was no scaremongering. I give the RPI index percentage increase for the years 72 to 76 which clearly shows the effect of Common Market entry on the cost of living.
The cost of living measured correctly by the RPI almost doubled in years following the tabling of the Common Market entry Bill. It set off an inflationary spiral leading eventually to the collapse of the Callaghan government and Thatcher becoming PM.
(Note for Paddy Ashdown & Major Warry these are official government figures and therefore fact not LibDem dodgy forecasts or North's overheated imagination.)
We will see the reverse when we leave the EU as noted in today's Sunday Telegraph in a piece by Edward Malnick sourced from a Labour leave group of economists and therefore opinion Paddy It is entitled:
Poorest families could save £36 per week after leaving EU
The £36 is for the lowest decile. The second lowest decile, 60% of the median would gain£44 per week. Now these are estimates but I doubt they will be far out.
The second major economic change that took place in 1974 was seaborne trade switched from deep sea via West Coast ports principally Liverpool to short sea European trade, Felixstowe was just the end of a railway line in 1972. Today it is one of the biggest container ports in the UK. Liverpool was slaughtered helped by bolshie dockers. I was working in Liverpool at the time and it was dreadful to see the demise of a great port but it can and will come back after Brexit. Liverpool is still backed by the great industries of the Midlands and the North West and great links to the Eat American ports. Look at the Cunard building in Liverpool to see what can be done. Already Liverpool is regenerating and this will accelerate.
A resurgent Liverpool will create a real Northern powerhouse. Liverpool was the wealthiest city in Victoria's Empire. The money for the Tate gallery in London came from the Liverpool sugar trade. A huge amount of cotton is still traded through the Liverpool Cotton Exchange. Free trade, not planners will remove the North South divide which so damages our country. Free from the EU our trade will flourish, our wealth increase and social divisions lessen..