BU’s Professor Nigel Jump, a Professor of Regional Economic Development, has published the university’s latest Business Intelligence Review. The report explores what Brexit may mean for Dorset’s economy. Below he explains its findings.
In BU’s latest Business Intelligence Review, a report provided quarterly for business and other economic partners across Dorset and its hinterland, we consider the potential impact of the UK vote to leave the EU (Brexit) on the local economy.
The main finding is that any barriers to trade created by Brexit, real or psychological, will tend to increase costs for UK firms. Over time, this means lower investment, lower output and fewer jobs than might otherwise have occurred. Importantly, these consequences are likely to affect economic activity in the short-to-medium term.
Eventually, given our innovative, inventive and entrepreneurial people in Dorset, there is no reason why a path back to good growth cannot be achieved. Nevertheless, as reflected in the Bank of England’s recent measures to stimulate activity, there is a period of risk and uncertainty to be navigated over the next few years.
More information can be found in an article in the Bournemouth Echo.
The report is available to download here.