What are the likely effects of Brexit on UK regions?

A new Papers in Regional Science article that highlights the possible implications of Brexit for the UK and its regions notes that the results for the UK economy may not be as damaging as some forecasters say.

The authors point out that there have been numerous differing forecasts at the national level concerning the impact of Brexit. They concentrate on the forecasts by Her Majesty's Treasury (HMT), the Cambridge Centre for Business Research, and the Economists for Brexit. Reviewing the evidence and the underlying assumptions they conclude that the estimates of HMT of the potential loss of GDP are likely to be overstated; however, Brexit will almost certainly cause regional disparities to widen.

"The UK is entering uncharted waters. Whatever the actual size of of Brexit to the UK economy, it is almost inevitable that Brexit will worsen regional disparities and this points to the urgent need for the spatial rebalancing of the UK " said co-author Prof. John McCombie, of the University of Cambridge, in the UK.

More information: John S.L. McCombie et al, Brexit and its possible implications for the UK economy and its regions: A post-Keynesian perspective, Papers in Regional Science (2017). DOI: 10.1111/pirs.12338

Journal information: Papers in Regional Science

Provided by Wiley

Citation: What are the likely effects of Brexit on UK regions? (2017, November 22) retrieved 29 May 2024 from https://phys.org/news/2017-11-effects-brexit-uk-regions.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.

Explore further

What impact might Brexit have on UK agriculture?


Feedback to editors