UK: Brexit will cost British households dearly

Passers-by in front of a graffiti near Oxford street, in London, on April 13, 2022 (Illustrative image).

AP - Kirsty Wigglesworth

Text by: RFI Follow

1 min

Brexit will weigh on the purchasing power of the British.

Britain's exit from the EU will cost workers €545, or £470, a year by the end of the decade.

This is what emerges from a study published this Wednesday, June 22, by an independent “think-tank”,

.

Advertising

Read more

More than two years after leaving the European Union, the United Kingdom is beginning to see the economic consequences, while the pandemic has masked its effects for months.

According to this study,

will have consequences on the competitiveness of the country, which is becoming a much more closed economy.

Over the next decade, the UK will experience lower productivity, at a rate of around 1.3% per year.

Workers will also pay a heavy price.

Wages will fall by 545 euros, per person, per year.

Some sectors will be more affected than others.

is expected to decline by 30%, due to difficulties in exporting to European customers.

Catastrophic effects for agriculture

The effects of Brexit will be catastrophic for agriculture after the departure of foreign labour.

One in eight jobs is currently unfilled.

The impacts of agricultural labor shortages are already being felt, on food security and animal welfare.

The country is not at the end of its troubles.

The Bank of England also predicts that price increases could exceed 11% by the end of the year... In transport, the strike of British railway workers resumed on Thursday after unsuccessful negotiations on Wednesday.

The transport union RMT is asking, among other things, for wage increases in line with inflation.

►Also read

Newsletter

Receive all the international news directly in your mailbox

I subscribe

Follow all the international news by downloading the RFI application

google-play-badge_FR

• UK

• Brexit

• Economy

• Social issues

• Employment and Labor

• finance