The Chartered Association of Business Schools has issued a stark warning that the health of the UK’s local and regional economies is now under real threat. A new report highlights European Union (EU)-funded programmes which have had significant impact on businesses and local growth, but are now at risk of a lack of funding as a direct result of the Brexit vote.
Economic development programmes across the UK have led to increases in business income, profitability and productivity and, since 2007, created nearly 200,000 jobs. In parallel, investments targeting local and regional growth from the European Regional Development Fund (ERDF) and the European Social Fund (ESF) have totalled £8.3 billion.
The Government has promised to protect funding for projects already going ahead as part of the current funding round, but as yet there are no plans for how such projects will be funded after the UK exits the EU.