According to experts, Brexit will cost families across the UK hundreds more. If that wasn’t bad enough, now those same experts are saying that this will continue for years to come.
More Brexit bad news
On Wednesday, the (CEP) also know as A Centre for Economic Performance sent out a report detailing the impact Brexit had on the economy. The report focused on inflation, wages, and living standards. The findings show that because of Brexit, an average UK Household pays £7.74 every week or £404 a year.
According to experts, the high inflation also slowed wage growth. This could result in an annual pay cut to the tune of £448 for the average worker. The study also found that all households across the UK, no matter your income level, are feeling the effects of Brexit. Another interesting finding was that while the costs have been equally distributed, it isn’t being fairly shared across regions. For example, households in London are experiencing low inflation, while households in Scotland, Wales, and Northern Ireland are receiving very high inflation rates.
Prices are rising
Imported foodstuff such as bread, cereals, milk, cheese, eggs, coffee, tea, cocoa, beer, and wine are all affected by large inflation rates. Meanwhile imported productions like furniture, furnishing, jewelry, clocks, and watches also carry high inflation rates as well. To top it all off car sales are steadily declining and companies are beginning to move their jobs overseas.
The overall outlook from the 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”.
It seems that no matter how you slice it Brexit is impacting working families across Britain in a very negative way. With the value of the pound slowly collapsing it’s hard to see light at the end of the tunnel.
Now let’s hear from you…
Are you feeling the burn from Brexit? Has the cost of living increased for you? Tell us in the comments.