Residents in Barking have voiced their concerns over the soaring cost of living and the burden inflation is placing on working families, the worsening financial outlook of the country even has some in the East London borough questioning whether Brexit may have come at the wrong time. Barking backed Brexit by 62.4 per cent to Remain 37.6 per cent, one of the few areas of London to back leaving the EU.
During a recent walkabout in Barking, Express.co.uk spoke with a number of residents who expressed concern over the impact of rising prices and bills.
“Talking about Brexit, it is a good thing to do but depends on the right timing,” one man stops to tell us.
“When you consider the state of the economy at the moment, considering the standard of living that Britain’s had in the last month, the party is not so good at the moment.
“It would be better if we get into Brexit at the right timing with good planning on the ground.”
He continued: “I think that would be the best option and right now the prices of things have risen up.
“The salaries have not increased and goods, rents, everything is all up at the moment, and those things thatare from the other European countries, if you look at the prices at the moment in the market compared to the standard of living, the party is very, very negative.
“So I would suggest if there is anything we can do to relieve this hardship on people, that would be good.”
Elsewhere, a woman a single mum of three shares a similar concern over rising bills.
The Bank of England last week forecast inflation was set to hit 11 percent in the autumn as it hiked interest rates to 1.25 percent – the fifth successive rise.
According to a new study, Brexit has damaged Britain’s economic competitiveness, reducing productivity and workers’ real wages in the years ahead.
The Resolution Foundation said leaving the EU has reduced how open and competitive Britain’s economy is.
The report, in collaboration with the LSE, said the immediate impact of the referendum result has been clear, with a “depreciation-driven inflation spike” increasing the cost of living for households, and seeing business investment falling.