It increases the internal pressure of your core, giving your abs something to press against and thereby reducing core instability. A stronger core is a stronger lift, as your body can use less energy to stay upright and can use that energy to recruit more muscle fibers in your legs. In my experience I can lift 5%-10% more with a weight belt. Check out YouTube videos of weight belts snapping and you can see how much value they add to the lift.
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