A study carried out by the University of Warwick’s Centre for Competitive Advantage in the Global Economy (CAGE) has revealed that the average UK worker has already lost a week’s wages as a direct result of Brexit.
According to the study, in the first year following the Brexit referendum, the average worker had to spend more than £404 as a result of rising prices.
In order to maintain the same lifestyle, the average UK household was required to spend £7.74 more per week.
Commenting on the findings, Dennis Novy, Economics Professor at the University of Warwick, said: ‘It is clear that the average UK household is already paying the price for voting to leave the EU.
‘The economic effects of leaving the EU will depend crucially on the outcome of the ongoing negotiations between the UK and the EU. But even before Brexit has actually taken place, the referendum shock of June 2016 has already had substantial economic costs for the typical household.’