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Workers face squeeze with Brexit

  

The Brexit squeeze on household budgets has intensified over the past month, but companies and investors remain cautious over the economic outlook in the run-up to the election.
 
With a fortnight to go until the general election, the economic news paints a gloomy picture. Living standards are again falling, but while the economy has slowed markedly, as the latest GDP update showed.
 
There is a worrying pattern for an economy so reliant on consumer spending, other indicators show household incomes are being eroded as pay growth fails to keep pace with rising prices. Official figures show GDP growth slowed markedly in the opening quarter of 2017 to 0.2%, from 0.7% in the fourth quarter of 2016, as consumer spending was hurt by higher prices.
 
Furthermore, the pound’s sharp drop makes imports to the UK such as food ingredients and fuel more expensive.

 
 

 

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