Stockton-on-Tees Borough Council

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View Cabinet Decision Record

Cabinet Decision: 6th October 2016
Title of Item/Report
Report on the potential local economic impact of the UK's withdrawal from the European Union
Record of the Decision
Consideration was given to a report that identified the possible implications for economic development in the Borough following the recent referendum decision for the withdrawal of British membership of the European Union (‘Brexit’).

Early indications suggest economic growth would be lower than previously forecast before the Brexit vote and this could result in a reduction in government spending power. Macroeconomic impacts of the uncertainty around the decision to leave the European Union (EU) and leaving itself were purely speculation and would depend on the speed and success of trade negotiations and the UK government’s post-Brexit industrial strategy.

The proposed movement away from full membership of the EU including membership of its single market would have impacts on the following economic functions:

• Trade and Exporting
• Funding and Investment
• Foreign Direct Investment
• Regulatory Environment
• Attraction and retention of talent
• International knowledge transfer

Members were provided with more detail of the above including the main risks and potential mitigations.

RESOLVED that the content of the report be noted.
Reasons for the Decision
To inform Cabinet of the potential implications of the vote to leave the European Union on the Boroughs economy and businesses.
Alternative Options Considered and Rejected
None
Declared (Cabinet Member) Conflicts of Interest
None
Details of any Dispensations
N/A
Date and Time by which Call In must be executed
Midnight, 14th October 2016
Attachment

Date of Publication: 10 October 2016


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