Brexit has not had the expected effect of narrowly reducing exports to the EU, but has instead more broadly reduced how open and competitive Britain’s economy is, which will reduce productivity and wages in the decade ahead, according to new joint Resolution Foundation and LSE research.

Household incomes are around £1,500 year lower today than they were expected to be before the Brexit referendum – with the UK having experienced the sharpest income growth slowdown of any economy for which the OECD publish data.