The Resolution Foundation have today found that household incomes are around £1,500 year lower than they were expected to be before the Brexit referendum – with the UK having experienced the sharpest income growth slowdown of any economy. The news comes as UK GDP in the last quarter of 2018 grew by just 0.2%, while business investment decreased by 1.4% in the same period.
Commenting, Anna Turley MP, a leading supporter of People’s Vote, said:
“Today’s bleak figures show the hard reality of a Brexit which is already deeply affecting jobs and families. Growth is virtually flatlining while households have already lost £1,500 a year compared to where they were expected to be before the referendum. Britain has gone from being one of the fastest growing economies in the G7 before the Brexit referendum to one of the slowest today. Uncertainty is cutting investment, causing businesses to leave and putting jobs at risk while inflation and weaker pay growth is reducing incomes for hardworking people struggling to make ends meet.
“The Government simply cannot fulfil all the promises made during the referendum nor avoid deep and lasting damage to the economy. They cannot secure the ‘exact same benefits’ of being in the European Union, extra money for the NHS, the ‘easiest trade deal in history’ and control of immigration. These figures prove beyond any doubt that you cannot ‘have your cake and eat it’.
“Even the Treasury admits this deal would leave the UK £100 billion-a-year worse off. It is clearly worse than the one we have already got inside Europe. And it will not end the uncertainty that is already costing our economy so much. This would be a blindfold Brexit that would provide no clarity. It would provide no closure. And, if it goes ahead, it will only guarantee that this Brexit nightmare will continue for years to come. That is why the only way forward is with a People’s Vote.”