Brexit to Lower U.K. Real Incomes by 2% by 2018, Report Says
- Low-paid Britons to see wages rise 0.2-0.6% if migration cut
- Bank of England forecasts show weaker growth, faster inflation
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Brexit will hit the earnings of lower-paid U.K. workers even if the supply of foreign labor is reduced by tough cuts to inward migration, according to the Resolution Foundation.
Analysing the impact of migration over the past decade, the London-based group said while it had no overall impact on British wages, certain jobs -- including cleaning, sales and security -- saw a drag on pay. “Leave” campaigners tapped into resentment in the buildup to the June referendum, arguing that low-paid workers would benefit if migration numbers were cut.