Brexit pound slide ‘hit wages’

UK workers took a hit from the Brexit-related depreciation in the pound in the form of lower wages and training, according to an academic paper.

In sectors where import prices rose because of the drop in sterling, training and wages for workers fell, the paper said. That could have negative long-term implications for productivity, skills and living standards, issues that already plague the UK, according to authors Rui Costa, Swati Dhingra and Stephen Machin, economists at the Centre for Economic Performance at the London School of Economics.