The collapse of the pound since Brexit has cost £1,200,000,000,000

The cost of Brexit to UK households has been put at $1.5trillion – that’s £1.2trillion – by an independent report from Credit Suisse.

According to the Global Wealth Report, since the vote on June 23, sterling lost 20 per cent of its value.

It also means that 400,000 people lost their millionaire status.
It also said that even though the FTSE 100 had hit record highs last month, it was still behind the dollar in terms of value.

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Michael O’Sullivan from Credit Suisse, said: ‘The impact of the Brexit vote is widely thought of in terms of GDP (gross domestic product) but the impact on household wealth bears watching.

‘Since the Brexit vote, UK household wealth has fallen by $1.5tn. Wealth per adult has already dropped by $33,000 to $289,000 since the end of June.

‘In fact, in US dollar terms, 406,000 people in the UK are no longer millionaires.’
However, most families will not have noticed much difference unless they’ve travelled abroad and felt the pinch in their pocket while changing currencies.

The top one per cent continue to own just under a quarter of the UK’s wealth and the UK is still in third place in terms of the number of ultra-high-net-worth individuals (those with assets worth more than £50million)

It adds that the UK economy is more resilient than had been expected and UK stocks were more attractive to foreign investors, but that growth would slow.

Oxfam spokesman Sally Copley said: ‘The wealthiest one percent of the population – who own nearly a quarter of all the country’s wealth – continue to do well whilst so many people in Britain are just about managing to stay above the poverty line.’