Brexit Could End Up Costing Young People £108,000 In Earnings

Young people could lose up to £108,000 in earnings if the UK ends up with a no-deal Brexit, a new report has suggested.

According to the report from Oxford University economists and former PM John Major, young people will be the hardest hit, which when combined with staggering levels of student debt and the struggle to get on the property ladder means that it's not looking great to be a millennial.

The 'Young People and Brexit' report, commissioned by the campaign group Our Future, Our Choice, found that over a 30-year-career span - ending in 2050 - young people could lose between £44,000 and £108,000 each if the UK defaults to 'World Trade Organisation rules', or a 'no deal Brexit'.

Credit: PA
Credit: PA

If Britain ended up with a Canada-style free trade agreement young people could lose out on between £30,000 and £72,000, whereas a Norway-style 'soft Brexit', meaning we'd stay within the European Economic Union, would result in lower losses of between £7,000 and £32,000.

In the foreword for the report, Major wrote: "The British public were offered pipe dreams, not realities. Under every scenario that has been independently modelled, even by our own British government, the UK will be poorer and weaker, and the poorest regions and the least well-off will suffer the most."

He points out that since the EU referendum in June 2016, almost two million young people have turned 18 and become eligible to vote and that they should be given a say in their futures, adding: "It is only right they have a say in their nation's future."

Not for the first time, Major has called for a second referendum.

He added: "And how can the fervent Brexiteers remain so deaf, dumb and blind to every single warning - even when those warnings seem ever more likely to be true?

"History may well judge that - for a time - the world's most pragmatic of nations took leave of her senses."

Researchers who worked on the report considered factors such as starting wages for young people and predicted growth.

Femi Oluwole, from Our Future, Our Choice, told the Independent: "We are a generation who don't want to live with Brexit, yet it will cost us three times more than tuition fees, or double the average deposit needed for a house in lost wages and earnings."

Featured Image Credit: PA

Claire Reid

Claire Reid is a journalist at LADbible. Claire graduated from Liverpool John Moores University with a BA in journalism. She’s previously worked at Trinity Mirror. Since joining LADbible, Claire has worked on pieces for the UOKM8? mental health campaign, the Yemen crisis, life in the Calais Jungle as well as a profile of a man who is turning himself into a cyborg.

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