The UK workforce faces the worst period for wages in at least 70 years as the British referendum to exit the European Union lowers real income and living standards, a new report has warned.
Britons would earn less in real wages in 2021 than they did in 2008, according to a report by the Institute for Fiscal Studies (IFS), an economic research institute based in London.
“One cannot stress enough how dreadful that is — more than a decade without real earnings growth,” said Paul Johnson, head of IFS, in his analysis of the latest official economic forecasts from the Office for Budget Responsibility (OBR).
“This has, for sure, been the worst decade for living standards certainly since the last [world] war and probably since the 1920s,” he added.
Real income in Britain was hit badly after the financial crisis in 2008 and the OBR’s forecasts suggest the outlook has darkened once again following the Brexit vote.
Before the Brexit vote the OBR had been…