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Trade and deskilling: how the post-referendum sterling depreciation hurt workers

Author

Listed:
  • Rui Costa
  • Swati Dhingra
  • Stephen Machin

Abstract

The unexpected result of the Brexit referendum, working through the rapid depreciation of sterling, had a sizable negative impact on UK workers. New CEP work by Rui Costa, Swati Dhingra and Stephen Machin shows that the big drop in the value of the pound caused a rise in import prices, which has led to a fall in both wages and training for employees in the most heavily hit sectors.

Suggested Citation

  • Rui Costa & Swati Dhingra & Stephen Machin, 2019. "Trade and deskilling: how the post-referendum sterling depreciation hurt workers," CentrePiece - The magazine for economic performance 551, Centre for Economic Performance, LSE.
    • Handle: RePEc:cep:cepcnp:551
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    File URL: https://cep.lse.ac.uk/pubs/download/cp551.pdf
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    Cited by:

    1. Jiaqi Li & Anna Valero & Guglielmo Ventura, 2020. "Trends in job-related training and policies for building future skills into the recovery," CVER Research Papers 033, Centre for Vocational Education Research.

    More about this item

    Keywords

    international trade; worker outcomes; wages; productivity; skills; real wage stagnation;
    All these keywords.

    JEL classification:

    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F66 - International Economics - - Economic Impacts of Globalization - - - Labor
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials

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