According to a recent analysis, Brexit will cause the average British worker’s earnings to decrease, productivity to suffer, and the UK to lose its competitive edge over the next ten years.
According to a report by the Resolution Foundation think tank and the London School of Economics, leaving the EU would make Britain “poorer” in the 2020s and exacerbate the cost of living crisis.
According to the report, the immediate effects of Brexit were already evident, with a “depreciation-driven inflation spike” raising the costs of living and reducing investment.
According to The Guardian, it stated that a less open Great Britain “is anticipated to be poorer and less productive.”
According to the report, due to changes in trading laws, the UK’s labor productivity will decline by 1.3% by the end of the decade, which will result in slower pay growth.
They claimed that if Britain proceeds with its Brexit strategy, real pay would fall by an average of £470 per person year.
According to the report, if the UK had opted to stay in the EU in 2016, the region’s industrial output would have decreased by 2.7% by 2030.
The survey also highlighted that the northeast of England is projected to be hurt worst by Brexit, given its firms are particularly reliant on exports to the EU.
The study was written by Swati Dhingra of the LSE, a vocal opponent of Brexit who was chosen by chancellor Rishi Sunak to join the Bank of England’s monetary policy council in August.
(With help from organizations)