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UK living standards since the 2016 referendum

Household incomes are around £1,500 year lower today than they were expected to be before the Brexit referendum, with the UK having experienced the sharpest income growth slowdown of any economy for which the OECD publish data. This analysis shows that underperformance since 2016 is largely a UK-specific issue, with global growth over the whole period actually outperforming pre-referendum expectations.

The UK has gone from being one of the fastest growing economies in the G7 pre-referendum, to one of the slowest. It also demonstrates that the UK’s strong performance on employment since the referendum has been outweighed by higher inflation and weaker nominal pay growth.

Read Resolution Foundation - Counting the cost: UK living standards since the 2016 referendum