by Jamie on 12 May, 2017
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The impact of Brexit will contribute to a dramatic drop in real-terms pay this year, the Bank of England has warned, with average workers due to be left hundreds of pounds out of pocket. Inflation will be higher than pay growth, the Bank’s Governor Mark Carney predicted – marking the first year since 2013 that workers have been hit by a real-terms cut in take-home pay. Salaries will be almost £1,000 lower than forecast before the Brexit vote, ministers have been warned, and £320 down on predictions just three months ago.