Almost six years after the vote in Great Britain to leave the EU, it is becoming apparent that the decision is likely to cost workers in the country dearly. According to a study by the London think tank Resolution Foundation and the London School of Economics on Wednesday, the annual loss of income due to Brexit for an average worker will be 470 British pounds (the equivalent of around 550 euros) by 2030. The reason for this is a weakened pound as well as reduced investment and less trade.
While British exports to the EU have not collapsed as expected, Brexit has had “broad negative implications for Britain’s competitiveness and openness to trade with a whole range of countries,” Resolution Foundation chief economist Sophie Hale said in a statement according to.
On June 23, 2016, voters in Great Britain voted by a slim majority (52 percent) to leave the European Union. The exit took place on January 31, 2020 after years of back and forth. However, thanks to a transitional phase agreed in the exit agreement, the country continued to participate in the EU internal market and European customs union until the end of 2020. (dpa)