Rural economy set to outperform that of urban areas
Over the next four years, the UK’s rural areas are predicted to see their economies grow more quickly than urban locations according to a new report.
The report, researched and written by the Centre for Economics & Business Research (Cebr), indicates that if an amended version of the Government’s Withdrawal Agreement can be agreed and a transitional arrangement put in place until at least 2021, urban gross value added (GVA) growth by 2023 will increase to 1.6% annually, while rural areas will see growth of 1.7%.
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This forecasted difference is said to be partly driven by the life sciences and advanced manufacturing industries in less urbanised regions in the East of England and the Midlands. However, this is caveated but the fact that the agricultural sector stands to be affected significantly by a no-deal Brexit.
The report does allude to that fact that the ability of the rural economy to respond and diversify following Brexit will be key to its survival.
In addition to tourism, the report suggests that farmers should consider providing office space and letting buildings for non-farming use and that aside from small businesses and start-ups, there is scope to work with more established sectors in the professional, scientific and technical sectors.
A link to the report can be found here: https://www.irwinmitchell.com/newsandmedia/2019/april/rural-economic-growth-set-to-outpace-urban-areas-post-brexit-says-new-study