The recent London-based Economics Research Center (CEP), the London-based Economics University of London, has shown that the unexpected market and real economy shock of the last year's referendum on British EU membership, the sudden weakening of the pound in the one year after the referendum by June 2017 resulted in 1.7 percentage points of cumulative inflation acceleration compared to the inflation rate that would have been expected without this shock in the same period. According to the model calculations of the Center for Economic Performance experts, the resulting negative real wage effect is equivalent to the fact that the average annual British employee salary would have fallen by 448 pounds (157 thousand forints). According to CEP, this is a typical loss of almost a full working week - exactly 4.4 workdays - for each employee.

Read more... Orient Press (Hungary)