New research shows UK household income is around £1,500 lower than expected prior to the Brexit referendum.
The UK has witnessed the sharpest fall of income growth, as it has fallen from 4.9% in 2015 to 0.1%.
The latest GDP figures had expected to show growth in quarter four for 2018, had slowed to 0.3% however, the economy shrunk to 1.1%.
James Smith, research director at Resolution Foundation said, “Two and a half years since the UK voted to leave the European Union, the country’s post-Brexit position remains far from clear.
“There has been much discussion about the impact of this uncertainty on businesses, but not enough about its effect on household incomes.
“The UK’s stark underperformance on income growth since 2016, which has tailed off more than other advanced economies has left UK households taking a £1500 hit to their living standards.
“As we approach ‘Brexit day ‘on 29 March, politicians in all parties need to recognise how much is at stake for family living standards and that how the country goes forward, not just where it is heading, matters for household incomes in the here and now.”
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