Umunna – New report shows families are already feeling the Brexit squeeze

British households are already becoming worse off as a result of Brexit, a report released today (Monday) reveals.

Analysis by the Centre for Economic Performance has found that Brexit is costing the average household £7.74 per week through higher prices – which is equivalent to £404 a year.

Commenting, Chuka Umunna MP, leading supporter of Open Britain, said:

“Working families across Britain are already feeling the effects of the Brexit squeeze. The collapse in the value of the pound after the referendum has increased inflation and caused the price of vital goods to soar ahead of wage growth. And we have seen growth slow, car sales fall, and companies already begin to move jobs out of the UK.

“Brexit is making people worse off right now. Leave campaigners and Government Ministers have repeatedly promised that Britain will not be left worse off by leaving the European Union, but families are feeling the pinch now – imagine how much worse it will be if Britain undergoes the hard and destructive Brexit Ministers are aiming for. 

“Nobody voted last year to be worse off. The British public have a right to look at the new facts that are emerging and keep an open mind about whether this is really the best option for our country.”