Should we stay or go now?

Peck, Frank ORCID logo ORCID: (2016) Should we stay or go now? In Cumbria Magazine, 2016 (June). p. 19.

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In his column Professor Frank Peck of the University of Cumbria’s Centre for Regional Economic Development explains the latest economic data. This month: decision time on the EU Referendum. This issue of in-Cumbria would hardly be complete without reference to the EU referendum on June 23. The electorate faces a decision that is likely to have profound implications for the UK. There is agreement on some points, perhaps. Both sides accept that the UK is a net contributor to EU finances though figures cited vary depending on how this is calculated. The Treasury estimates that, in 2015, the UK contributed £17.8bn though this is reduced to £12.9bn allowing for the UK rebate. Some of the EU Budget, however, is used to support the UK economy through expenditure on regional policy. In the context of Cumbria, this means structural funds pay for development projects related to skills, innovation and infrastructure. Infrastructure projects receiving support usually have signage saying they have been “part-funded through the European Regional Development Fund”. The European Social Fund addresses issues in disadvantaged communities and the priorities for development in rural areas. These funding streams are set to continue through to 2020. Cumbria has a European Structural and Investment Plan Strategy that sets out how the county intends to use more than £87m to support objectives including business innovation, technological development and business start-ups. Cumbria will also receive inflows of funds to support agriculture through farm payments, which accounted for around 26 per cent of the EU Budget in 2015. Even so, the UK remains a net contributor – estimated by the Office for Budget Responsibility at around £8.5bn in 2015.

Item Type: Article
Journal / Publication Title: In Cumbria Magazine
Publisher: CN Group
Departments: Centre for Regional Economic Development (CRED)
Depositing User: Anna Lupton
Date Deposited: 16 Mar 2018 12:24
Last Modified: 12 Jan 2024 15:46


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