Coins and money

Coins and money

Yesterday Tom Pride told us that Brexit will not halt the march of immigrants into the UK, nor will it return any of the sovereignty we are supposed to have lost.

Instead, the leaders of the Leave campaign intend to sell off national assets to foreign powers.

And now we find that instead of being a rejection of a world that works for the privileged few, Brexit will help them pay working people less than we were promised, in a National Living Wage that wasn’t even a living wage when it was announced!

When are Leave voters going to understand that they’ve been had?

Nigel Farage called Brexit ‘a victory for ordinary, decent people’, while Theresa May says it was a rejection of a world ‘that works well for a privileged few’ but not for the millions left behind in Britain.

So how do they explain away today’s projection that slower wage growth post-Brexit will drag down the National Living Wage (NLW), costing low-paid workers up to £780 per year by 2020?

New analysis published today by the Resolution Foundation projects that the new NLW, which will take effect in April, will be 10p lower than previously predicted as a result of weaker pay outlook post-Brexit.

The longer-term forecast has also suffered. In March the Office for Budget Responsibility forecast that the NLW would hit nine pounds by the end of the parliament. Now the Resolution Foundation is projecting it will reach £8.60.

Source: If Brexit was a victory for working people, why is the National Living Wage being revised down? | Left Foot Forward


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