Britain's exit from the European Union will further slash workers' wages in coming years, a study concluded on Wednesday as the nation already faces a cost-of-living crisis from soaring inflation.
The research, from the Resolution Foundation think tank and the London School of Economics, was published as official data showed UK inflation hitting a new 40-year peak at 9.1 per cent.
And Wednesday's report claimed that Brexit had hit the UK economy's openness and competitiveness abroad.
As a result, household incomes – already under intense pressure from rocketing inflation – were forecast to slide further.
"It will take many years for the economy to adjust... but the aggregate effect will be to reduce household incomes as a result of a weaker pound, and lower investment and trade," the report read.
A weaker pound had also ramped up import costs, it added.
The report forecast that Brexit would cause a 1.8-per cent drop to real wages – or earnings adjusted for inflation – by the end of the decade.
That equated to a loss of £470 (€547) per worker per year, it added.
A loss of £470 (€547) per worker per year
"Brexit is not... expected to transform the nature of the UK economy," the report concluded.
"Instead, the impact of Brexit is better thought of as a broad-based reduction in workers' pay and productivity."
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