BRITAIN’S departure from the European Union will leave the people of Gwent hundreds of pounds worse off, a campaign group for a second referendum has said.

Newport would be one of the worst-affected areas, analysis by the People’s Vote campaign suggests, with its residents almost £500 worse off if no deal is struck between the UK and the EU.

Using a study by the London School of Economics (LSE), the People’s Vote campaign said that in the event of a ‘no deal’ Brexit, people in Wales would stand to be an average £360 worse off each year.

If the UK pursues a ‘soft’ Brexit, similar to the proposals put forward by Theresa May in what has become known as the ‘Chequers plan’, the financial implications for people in Wales would be less severe, the group claims, with the average person £200 worse off annually.

The People’s Vote campaign wants the government’s final Brexit negotiating position, whether there is a deal or not, to be put before the country in another referendum.

Stephen Doughty, Labour MP for Cardiff South and Penarth and a leading supporter of People’s Vote, said: “This dramatic study from the People’s Vote campaign shows how Brexit will hit people in Wales where it hurts most – in their pockets.

“Many towns across Wales depend on the EU, for jobs, investment and trade. But this research from the People’s Vote shows it’s not just businesses that will be affected by Brexit – we’ll all be personally, leaving us with less money for ourselves and our families.

“People in Wales who voted to leave the EU in the 2016 referendum didn’t vote to be worse off. It’s important Wales demands a people’s vote to ensure the best for our country.”

Economic uncertainty post-Brexit is a contentious issue, with leave supporters claiming the UK will benefit from being able to strike new trade deals with other nations, and from not making payments into EU coffers.

But the study on which the People's Vote campaign has based their claims – that the average person stands to be a few hundred pounds worse off after Brexit – estimates a financial loss as Britain is excluded from "further EU market integration" and the introduction of trade tariffs.

In Wales, Newport residents' losses would be second in size only to Cardiff, the group estimates.

In the event of a 'soft' Brexit, a resident of Newport would stand to be £281 worse off each year, and £492 in the event of a 'hard' Brexit.

In Torfaen, the estimates are slightly lower, with annual losses per capita of £211 after a soft Brexit, and £351 after a hard Brexit.

In Monmouthshire, the study suggests losses per capita of £217 in a soft Brexit, and £390 in a hard Brexit.

In Blaenau Gwent, the estimated losses are significantly lower, at £145 and £230 after a soft and hard Brexit, respectively.