How Will Brexit Impact Manchester’s Economy

Brexit The details of how the UK will leave the EU with or without a deal is anyone’s guess. Those details have yet to be finalized and there are plenty of ‘I’s to dot and ‘T’s to cross. Despite not knowing the exact effects of the 2016 referendum result, one study by professors at the University of Leuven in Belgium has claimed that it could be disastrous for the UK and EU countries.

Brexit

However, there may be good news for those living and working in Manchester as the local economy there appears to be strong enough to withhold such repercussions of a Brexit deal or a no-deal scenario. If you are a job seeker, it may be time to turn your attention to Jobrapido and search for jobs in Manchester.

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First, The Worries For Manchester

Manchester may be in a strong position to overcome any Brexit repercussions, but it is not a place without its concerns. Just like the rest of the UK, the city will have to contend with a falling value in the pound, which means businesses may struggle with sourcing materials for the same price from overseas vendors.

Yet, there is also the chance that this could be offset with an influx of more tourism taking advantage of more attractive conversion rates for tourists. This is quite possible considering Manchester is now the second most visited UK destination behind London; displacing Edinburgh in the process. The same weakening of the pound is expected to increase application rates at the city’s universities from oversees students, which could further contribute to the local economy.

Another worry for the city is that an unsavory EU departure could stop EU funding that is currently fuelling research at the universities and research centers. If this funding was to be stopped, projects would be halted, and some jobs could be lost.

What About The Good News?

There was also some good news mixed in with the worries above, but Manchester as a specific city has fewer reasons to worry about a pending Brexit.

The local economy has continued to outshine national and regional averages since the Brexit vote. The impressive Manchester economy during troubling times is only benefiting further from increased office spaces. The center of Manchester alone has developed an additional 400,000+ square meters of office space.

More office space in Manchester will be welcome to London companies too, considering many big names are moving out of the capital and relocating in northern cities to slash business costs. Burberry, HSBC, and multiple tech firms have already made their move up the M1.

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Clarity Would Help

Although Manchester is in a good position ready for Brexit, clarity over what is going to happen would certainly help local businesses and may go some way to protecting jobs. For those looking for work, Manchester remains a strong location to explore.