New Report: Brexit Would Cost UK Families Hundreds More Every Year

According to a Centre for Economic Performance (CEP) which has analysed how the Brexit has impacted inflation, wages, and living standards, the UK households are paying a high economic price. Brexit is costing the average household £7.74 per week through higher prices equivalent to £404 a year.

Recently, an analysis by academic economists showed Brexit has cost the average worker a week’s pay in lower real wage growth and higher inflation.

Read More: Yougov Poll: More Brexiters Are In Favour Of Remaining In The EU

The report by CEP said after the referendum, prices have risen fastest in products with high import shares, such as bread, eggs, and milk as well as furniture and jewellery.

It was also proved that higher inflation has also reduced the growth of real wages and the impact of price increases is equivalent to a £448 cut in annual pay for the average worker.

Dr Holger Breinlich from the University of Nottingham, said: “Our findings show that the Leave vote has led to a sharp increase in inflation. At a time of growing disenchantment with austerity, this is clearly unwelcome news for living standards across the UK.”

Earlier, the sector’s national lobby group said in a submission to lawmakers that the Britain’s exit from the European Union could cost the UK aerospace industry 1.5 billion pounds ($2 billion) in extra customs expenses.

The CEP report concluded that the referendum result was “an unanticipated shock to the UK economy that increased uncertainty and reduced the expected future openness of the UK to trade, investment, and immigration with the EU”.

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