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0.5% fall in wages shows Brexit causing “real costs for real people”

by Steve Beasant on 16 August, 2017

Brexit is already starting to bite. Today’s fall in wages is a direct consequence of the higher inflation we have seen since the EU referendum.

Leader of the Liberal Democrats, Vince Cable

Real wages fell by 0.5% in the three months to June 2017 compared with a year earlier, figures from the Office for National Statistics today have revealed.

Average weekly earnings increased by 2.1%, but with inflation standing at 2.6% real earnings still fell by 0.5%.

This is a direct consequence of the higher inflation we have seen since the EU referendum.

We’re not talking about hypothetical future damage to the UK economy, but real costs experienced by real people now.

Instead of the land of milk and honey promised by Brexiteers, we’re seeing falling wages, higher prices and rising rail fares.

This reinforces the need to protect living standards and jobs by staying in the single market and customs union.

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