Leaving the European Union with no deal in place for future trading arrangements would be the worst-case Brexit scenario for the UK economy. What’s more, just because GDP growth has not declined since last year’s referendum, it would be wrong to think that Brexit is yet to have any economic effects: it has already lowered UK living standards by causing the value of the pound to decline, which has led to higher inflation and lower real wage growth. These are among the conclusions of a new report from the Centre for Economic Performance (CEP) authored by Swati Dhingra and Thomas Sampson.

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