Average household £800 worse off thanks to Brexit vote, says study

HOUSEHOLDS ARE more than £800 a year worse off as a result of Brexit, an economic study has found.

The report published today revealed that the average household is paying £404 a year extra due to price inflation.

At the same time, the average worker has lost £448, the equivalent of one week’s pay, due to a stagnation in any increases in salaries.

Dr Thomas Sampson, who coauthored the Centre for Economic Performance research, said: “Even before Brexit occurs, the increase in inflation caused by the Leave vote has already hurt UK households.

“Our results provide compelling evidence that, so far, UK households are paying an economic price for voting to leave the EU.”

According to the report, the largest inflationary effects have been on groups of product which have high import shares.

These groups include bread and cereals, milk, cheese and eggs, coffee, tea and cocoa, beer and wine, furniture and furnishings, and jewellery, clocks and watches.

The rise in food prices has led think tank the Food Foundation to raise concerns that “five-a-day” may become unaffordable for millions of Britons.

The foundation has claimed that in a no-deal Brexit scenario, price rises would mean the poorest 10 per cent of the population could spend half of their entire food and drink budget to meet current government guidance for fruit and vegetables.

The report identified 16 of the nation’s 50 favourite fruit and veg which could be grown more in the UK, meaning less reliance on imports and more competitive prices.