Sheffield set to take economic downturn after Brexit

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Sheffield’s prosperity is set to take a dip after Brexit, according to a report to be considered by members of the city council this week.

According to the report – Brexit update and implications for Sheffield – economic strength could fall by more than two per cent.

The report is based on research from the London School of Economics.

It states that a hard Brexit would have the biggest impact on the city’s GVA (gross value added), with goods and services produced or offered in Sheffield falling by 2.1 per cent.

A soft Brexit would see goods and services fall by 1.2 per cent, after Britain leaves the European Union in 2019.

By comparison, Leeds would see a 1.3 per cent reduction in GVA under a soft Brexit, and a 2.6 per cent drop under a hard Brexit.

According to figures from 2015, around 55 per cent of Sheffield’s exports go directly into the EU, the report states.

Nationally, 61 per cent of council leaders said they felt Brexit would have “a negative or very negative impact on their region”.

The report will be delivered at Sheffield City Council’s economic and environmental wellbeing scrutiny and policy development committee on Wednesday.