Brexit largeWith just days to go before the European referendum, NE1, Newcastle’s Business Improvement district sets out the implications of a possible Brexit for the North East:

  1. The North East remains the only English region with a consistent positive balance of trade, with exports greater than imports. Our region proudly manufactures and trades with Europe. Historically, we have always looked outwards, embracing new ideas and markets. If we’re to ensure economic growth, now is not the time to become introspective and insular.
  2. The North East Local Enterprise Partnership area funds include £380m from the European Regional Development Fund and European Social Fund as well as £10.5m from the European Agricultural Fund for Rural Development. We want to continue to benefit from European funding to fulfil the aim of creating more and better jobs.
  3. According to analysis by Stronger In, some Newcastle United players would not initially be permitted to work in the UK following Brexit. Could the team find itself without the likes of Massadio Haidera, Siem de Jong, Vurnon Anita and Emmanuel Riviere?
  4. Since the establishment of the EU single aviation area, flight prices have fallen by 40%. There are fears the price of a family holiday could rise and that there could be a fall in the number of destinations to fly to if airlines have to jump through more bureaucratic hoops.
  5. Independent data from the Centre for Economic and Business research shows up to 150,000 North East jobs are linked to trade with the EU, and could be affected in the event of a Brexit.
  6. European money has helped us to create some of the most outstanding landmarks in the North East. The European Development Fund, for example, contributed £3m of a total £22m budget for the Gateshead Millennium Bridge. Sage Gateshead was also supported with money from Europe, as well as from Sage plc, and Live Works, the new £10m capital scheme by Live Theatre to develop part of Newcastle’s Quayside, is also receiving EU funding.
  7. According to number crunching from the Centre for Economic Performance at London School of Economics, families in Newcastle would be between £850 and £1700 worse off every year because of higher prices, less trade and investment, and fewer jobs.
  8. Fears have been voiced that universities in the region could take a funding hit. Newcastle and Durham universities have received more than £50m from the European Research Council since 2008. Further education has also benefited from EU money previously, with Gateshead College receiving more than £10m and New College Durham more than £8.5m in the five years up to 2013.
  9. We could lose more than our fair share. Estimates are we could lose £187 per head of EU funding per year, compared to a national average of £82.
  10. It could also be bad news for wine drinkers in the North East. Because of import tariffs, it is estimated the cost of European wine could rise by up to a third following a Brexit. That could add a few pounds to your Prosecco!