IFS warns of biggest squeeze on pay for 70 years over Brexit

Respected thinktank says UK's withdrawal from EU will stoke inflation and peg back wages to below their 2008 level in 2021

Workers in Britain face the longest squeeze on their pay for 70 years as Brexit knocks wage growth and stokes inflation, a leading thinktank has said.

Picking over Philip Hammond's first autumn statement, the Institute for Fiscal Studies said that by 2021, real wages in the UK - pay adjusted for inflation - will still not have recovered to their 2008 level before the global financial crisis hit.

Related: IFS says workers face 'dreadful' decade without real-terms increase in wages - Politics live