The Brexit hit to living standards

The referendum vote is already costing UK households according to a Nottingham economist. Ahead of Wednesday's Budget the first detailed analysis of how the Brexit vote has impacted inflation, wages and living standards, has been released. It shows that UK households are already paying a high economic price and that Brexit is costing the average household £7.74 per week through higher prices - equivalent to £404 a year. Higher inflation has also reduced the growth of real wages. The impact of price increases due to the referendum is equivalent to a £448 cut in annual pay for the average worker. In other words, the Brexit vote has cost the average worker almost one week's wages. Households at all income levels and in all UK regions have been affected.