What next for regional policy?

Professor Frank Peck of the University of Cumbria’s Centre for Regional Economic Development writes for in-Cumbria on the big issues of the day and the economic data behind them. This month, post-Brexit, what will happen to Cumbria’s regional development funding in future? We now know that by a small majority, the British electorate has voted to leave the EU. In Cumbria, the vote was slightly more emphatic than average. In Carlisle, Copeland and Barrow in particular, the majority in favour of leave was over 60 per cent. The nation as a whole is now coming to terms with the consequences across a huge range of policies affecting the economy, society and the environment. If you are not sure what this might mean, have a look at the range of EU policies at http://ec.europa.eu/policies/index_en.htm. The list is extensive. In terms of the economy alone, it affects agriculture, fisheries, enterprise, competition, mergers, monopolies, procurement, science, technology, innovation, sector development, R&D, employment, skills, transport, tourism... The list goes on, and includes public policy towards “regions and local development”. We are currently in the 2014-2020 phase of regional development funding from the EU and strategies are already in place to determine how to meet the priorities of EU Regional Policy which include coordinated investment in strategic transport and communications infrastructure, support for small and medium-sized enterprises (SMEs), creation of new and lasting job opportunities and building a more inclusive society.