Just in time for Christmas, the drumbeat of Brexit economic bad news rolls on. Today’s figures from the Office for National Statistics shows inflation has risen to a near six-year high at an eye-watering 3.1 per cent. This means everything from food, to fuel, to transport, to clothing is becoming more and more expensive. The ONS doesn’t beat around the bush about why inflation is soaring: the main reason is quite clearly the collapse in the value of the pound since the Brexit vote last year. And with average wage growth running well below the rate of inflation, real wages will continue to fall meaning less money in your pocket at the end of each month.
Read more from Ian Murray for the New Statesman here: https://www.newstatesman.com/politics/staggers/2017/12/inflation-running-31-cent-brexit-squeezing-our-living-standards