A groundbreaking report released by OFOC today, with a foreword by former Prime Minister John Major, demonstrates the severe and disproportionate consequences of Brexit for young people in Britain.
The stark costs of a hard WTO-style Brexit are modelled at a worst case of up to £108,000 in lost earnings for young people by 2050, with the likely cost amounting to £76,000 in lost wages.
A petition accompanies the report, calling on MPs to recognise the economic damage Brexit will do to our generation and support a People's Vote.
A hard Brexit will cost young people three times more than tuition fees, and amounts to more than double the deposit first time buyers need to buy a house.
In the foreword to Young People and Brexit, former Prime Minister John Major writes:
“I would urge every Parliamentarian to read and absorb the findings of this report”. He points out that Brexit “was never the choice of the young - who voted overwhelmingly to ‘remain’ in the EU, while their elders voted to Leave.”
“Our Future, Our Choice sets out with great clarity the implications for young people, and I commend it warmly.”
OFOC commissioned the economic research from Thomas Peto, an economic researcher based at the University of Oxford. The civil service analysis underlying the Cross Whitehall Briefing supplies the framework for a research-backed forecast of the price of Brexit for young people.
Other variants of Brexit are no less disquieting for young people. Projected income losses to young people under an FTA-style Brexit range from £30,000 - £72,000, with the most likely cost falling around £51,000.
Even an EEA-style Brexit would stand to cost young people between £7,000 and £32,000, and most likely around £20,000.
The report made the Independent’s front page, as well as articles in The Guardian, The Metro, The Mirror, The Week, The Huffington Post, The New European and a number of international press outlets, as well as being discussed on the BBC's The Papers and on Radio 4. Lara had a piece in The Times Red Box about the report, and Cathleen wrote an article for Left Foot Forward.