(FILES) In this file photo taken on March 29, 2018 Anti-Brexit demonstrators wave a European Union flag (behind) and a Union flag in the rain outside the Houses of Parliament in London. – The British government said on September 7, 2020, that it was taking steps to “clarify” how Northern Ireland’s trade will be handled after Brexit, but insisted it remained committed to its EU withdrawal agreement and the province’s peace process. Britain cannot allow the peace process or its internal market “to inadvertently be compromised by unintended consequences” of the Brexit protocol relating to Northern Ireland, Prime Minister Boris Johnson’s official spokesman said. (Photo by Daniel LEAL-OLIVAS / AFP)
Britain’s exit from the European Union will further slash workers’ wages in coming years, a study concluded Wednesday as the nation already faces a cost-of-living crisis from soaring inflation.
The research, from the Resolution Foundation, a think tank and the London School of Economics, was published as official data showed UK inflation hitting a new 40-year peak at 9.1 percent.
And Wednesday’s report claimed that Brexit had hit the UK economy’s openness and competitiveness abroad.
As a result, household incomes — already under intense pressure from rocketing inflation — were forecast to slide further.
“It will take many years for the economy to adjust … but the aggregate effect will be to reduce household incomes as a result of a weaker pound, and lower investment and trade,” the report read.
A weaker pound had also ramped up import costs, it added.
The report forecast that Brexit would cause a 1.8-percent drop to real wages — or earnings adjusted for inflation — by the end of the decade.
That equated to a loss of £470 ($577) per worker per year, it added.
“Brexit is not… expected to transform the nature of the UK economy,” the report concluded.
“Instead, the impact of Brexit is better thought of as a broad-based reduction in workers’ pay and productivity.”
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