UG economists do the UK’s missing Brexit assessments, and find 2.5 million jobs are at risk
The United Kingdom’s Brexit minister David Davis this month failed to produce long-promised studies of what the effect of leaving the European Union will be on Britain’s industries. Luckily, economists at the University of Groningen’s Faculty of Economics and Business have done Davis’ homework for him, together with colleagues from the University of Sheffield and University of Birmingham. They assessed the risks of Brexit for 54 different industries, using data from the World Input-Output Database.
The results are not pretty. Approximately 2.5 million jobs and 8.5 percent of the UK’s gross domestic product are at risk from Brexit, according to these calculations. That’s £140 billion of UK economic activity directly at risk because of Brexit. The results show that manufacturing and primary industries are highly exposed to Brexit. Services industries are exposed too: even if they don’t sell directly to the EU, they sell heavily to UK firms that export to the EU and are likely to feel the knock-on effect.
Read more in our FEB blog
- You can read more about the results in this blog post by the researchers on the Faculty of Economics and Business blog
- The policy briefing based on the results by City-REDI is available online. The work is part of a larger project within the British ESRC-sponsored multidisciplinary research initiative “The UK in a Changing Europe”.
- Contact: Bart Los, Professor of the Economics of Technological Progress and Structural Change
________________________________________________
> More news from the Faculty of Economics and Business
> FEB experts in the media
Last modified: | 29 February 2024 10.02 a.m. |
More news
-
02 May 2024
Johan Remkes te gast in podcast Leiderschap in Onzekere Tijden Live
Oud-minister en oud-informateur Johan Remkes is op 15 mei te gast in de Podcast Leiderschap In Onzekere Tijden. In de liveopname van de podcastaflevering gaat hij met FEB-hoogleraren Janka Stoker en Harry Garretsen in gesprek over de huidige...
-
29 April 2024
The Maddison Project: New 2023 Update Illuminates Origins of Modern Economic Growth
In a new update of the renowned Maddison Project Database, economic historians shed new light on the genesis of modern economic growth.
-
29 April 2024
Guido Berends and Hylke Dijkstra win FEB Research Awards 2023
The awards for best PhD thesis and best graduate of the research master were presented at the annual PhD conference held on April 18. Guido Berends won the Best PhD Thesis Award 2023 and Hylke Dijkstra won the Research Master Graduate Award 2023.