Brexit will cost UK workers 470 pounds a year, study predicts

compared with the rest of the world, the researchers said, in contrast to many analysts’ earlier expectations.

“Instead, Brexit has had a more diffuse impact by reducing the UK’s competitiveness and openness to trade with a wider range of countries. This will ultimately reduce productivity, and workers’ real wages too,” Resolution Foundation economist Sophie Hale said. Britain’s government said in response to the report that it was working on new legislation to boost growth, and that trade with the EU was now above pre-pandemic levels.

“Since we left the European Union, we have begun seizing new opportunities to improve UK regulation for businesses and consumers through plans to enhance competition and harness new technology,” a spokesperson said.The report said the net effect of these would lower productivity across the economy by 1.3% by 2030 compared with an unchanged trade relationship – translating to a 1.8% real-terms fall in annual pay of 470 pounds per worker.The impact for some sectors will be much starker.

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