Brexit will damage Britain’s competitiveness, hit productivity and dampen workers’ wages for the rest of the decade, according to a damning new study.
The Resolution Foundation think tank’s report, in collaboration with the London School of Economics, said quitting the EU would make Britain “poorer” during the 2020s.
The study said the immediate impact of Brexit was already clear, with a “depreciation-driven inflation spike” increasing the cost of living for households and cutting investment.
The economists said real pay was set to be £470 lower per worker each year, on average, than it would have been if Britain had opted to stay inside the EU.
Sophie Hale, principal economist at the Resolution Foundation, said Brexit represented “the biggest change to Britain’s economic relationship with the rest of the world in half a century”.
Elsewhere, the government has proposed a new Bill of Rights which will allow it to ignore interim rulings from a European court and could make it easier to deport foreign offenders.
