Single market membership should be kept on negotiating table after IMF warning, says TUC

The IMF has today (Wednesday) provided important evidence of the harm that Brexit has already done to the economy and living standards in the UK, says the TUC.

The review finds that growth has slowed from 1.8% in 2016 to 1.6% in 2017, and is forecast to fall again to 1.5% in 2018. Real household income has been squeezed, because of the fall in the pound and rise in inflation following the referendum. And business investment has been lower than expected owing to the uncertainty.

TUC General Secretary Frances O’Grady said:

“This shows that Brexit uncertainty has already harmed family budgets. Jobs and living standards must be the priority when deciding the best Brexit option for Britain.

“The government should keep single market membership on the negotiating table. It’s the best option for protecting jobs and improving living standards. And it would guarantee that workers don’t lose any of their rights.

“To improve living standards next year, the government must have a plan to get wages rising. Ministers should start by giving public sector workers a real pay rise, and putting the minimum wage up to £10 as quickly as possible.”