Executive summary:

This document sets out some of the key things we have learnt since the referendum. These include:

• The Office for Budget Responsibility has downgraded UK growth expectations for the next five years.
• The Organisation for Economic Co-operation and Development says the UK went from the top of the G7 growth league to the bottom in the year following the Brexit vote.
• The Centre for Economic Policy Research calculates that the Brexit vote has already cost the UK economy £300m a week.
• Food prices are growing at their fastest rate in 4 years. Inflation is over 3% for the first time in nearly six years. 
• The Centre for Economic Performance says that the Brexit vote has cost the average household £404 a year.

Living standards

Inflation has picked up sharply since the Brexit vote. It is over 3% for the first time in nearly six years.The result has been a renewed fall in real wages. The Centre for Economic Performance says the impact it has had is close on to a week’s wages for the average worker.

The Centre for Economic Performance says that the Brexit vote has cost the average household £404 a year.

Northern Ireland, Scotland and Wales are already paying the heaviest economic price for Brexit in terms of higher inflation costs, according to the Centre for Economic Performance at the London School of Economics.

Norway model

According to research by the Centre for Economic Performance at the London School of Economics, in 2011 Norway’s contribution to the EU budget was £106 per head capita, only 17% lower than the UK’s EU net contribution for that year of £128 per capita.  

As the CEP observes, “becoming part of the EEA would not generate substantial fiscal savings for the UK government.”

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