Article by Thomas Sampson, Dennis Novy, Holger Breinlich and Elsa Leromain

Most economists believe that Brexit will be bad for the UK economy in the long-run. But what about the short-term? How has the referendum affected households in the first year since the vote? Last week, UK in a Changing Europe published the first detailed research on the observed economic consequences of voting to leave the EU. The main finding was that the Brexit vote had reduced living standards by driving up inflation and reducing real wage growth. The costs are evenly shared across the income distribution, but not all regions suffer equally. London is the least affected, while Scotland, Wales and Northern Ireland lose the most.

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