The Political Economy of Brexit

by David Bailey (Editor), Leslie Budd (Editor)

Overview

The UK’s vote to leave the European Union is a pivotal moment in British history. Over the past forty years, the UK’s economy has become increasingly intertwined and dependent on its relationship with the other EU member states with both the EU and the UK’s economic landscape irrevocably fashioned by its membership. Brexit takes both parties into unchartered territory. At such a time of uncertainty, what can we say for certain about the UK’s economic relationship with the EU and what might be the likely flashpoints for negotiations and the unintended consequences of Brexit?

This collection of essays explores the ramifications of the Brexit decision for the UK and European economies. The contributors, who all draw on long experience of policy-oriented research on the British economy within the European Union, consider the impact, at least in the short term, of a weaker and less influential UK economy. Questions addressed include: What is the likely impact on our already weak manufacturing industries? How will the withdrawal of EU funding for regional development impact on growth and future economic development outside of London and the South East? What is the likely impact on wages and labour regulations? How are relations with our closest EU neighbours likely to develop, critically for Northern Ireland with the Republic of Ireland, and with the biggest economic player, Germany? What of the Scottish question? How will the City, the engine of UK growth in the past decade, maintain its position as Europe’s financial centre? And finally, whither the EU? How will it fare without its second largest economy within the Union?

With the UK’s withdrawal negotiations likely to last for at least the next two years, and the potential for other calls for referendums in other member states, the economic consequences of leaving the European Union are set to dominate politics in the UK and Europe well in to the future. These essays provide an important first step in assessing the threats and challenges that a Brexit poses for the UK and wider EU economy and will be welcome reading for anyone in search of some rigour and clarity amid the hyperbole of recent months.

Product Details

ISBN-13:	9781911116646
Publisher:	Agenda Publishing
Publication date:	03/30/2017
Pages:	192
Product dimensions:	6.10(w) x 9.20(h) x 0.60(d)
Age Range:	18 Years

About the Author

David Bailey is Professor of Industrial Strategy at Aston Business School. He has written widely on economic restructuring, industrial and regional policy.


Leslie Budd is Reader in Social Enterprise in the Centre for Public Leadership and Social Enterprise (PULSE) at The Open University Business School.

Table of Contents

Acknowledgements vii

Contributors ix

1 Introduction: the political economy of Brexit David Bailey Leslie Budd 1

Part I Economic dimensions of Brexit

2 Examining consequences for trade: integration and disintegration effects Edgar L. W. Morgenroth 17

3 Brexit and the discreet charm of haute finance Jan Toporowski 35

4 What does Brexit mean for UK automotive and industrial policy? David Bailey Lisa De Propris 45

5 Future regulation of the UK workforce Sukhwinder Salh Margarita Nyfoudi Alex de Ruyter 63

Part II Territorial dimensions of Brexit

6 The exit connection: Europe's new Polanyian moment Dimitris P. Sotiropoulos John Milios 83

7 A Scottish perspective: charting a path through the rubble Jim Gallagher 95

8 Stalling or breaking? Northern Ireland's economy in the balance Leslie Budd 111

9 Brexit and regional development in the UK: what future for regional policy after structural funds? John Bachtler 129

10 What does Brexit mean for the European Union? Tim Oliver 159

Index 173

Editorial Reviews

An excellent and very timely book with many profound insights. The post-Brexit challenges ahead are real, as are the potential opportunities, and this book helps us to navigate a way through these newly-emerging realities.

Philip McCann

An indispensable guide to the complex issues of political economy that Brexit has thrown up. As there is still so much uncertainty about Britain's future relationship with the EU, research and clear insight into how Brexit might affect the different nations, regions and business sectors of the UK is vital. This volume provides just such material.

Nick Pearce

A timely and important book dealing in admirable detail and with great clarity with what must rank as the biggest single issue facing Britain today.

Anand Menon

I have no doubt future generations of researchers will acknowledge The Political Economy of Brexit as one of the most important books written by social scientists in the second decade of the twenty-first century. It is a book loaded with meaning and rich in insights for those working in industrial policy, geography, planning, politics, sociology, regional research and urban studies. Importantly, it allows the reader to understand how mass discontent with the impacts of globalization fuelled Brexit and the implications of this vote for the future of all Europe. But its relevance is not limited to the UK. The Political Economy of Brexit provides a rubric for understanding the future economic and political trajectory of many parts of the developed world, including the United States, France, Germany and Australia. A must read.

Andrew Beer