Lancaster Chamber hosts Brexit roundtable with Prof Frank Peck

Lancaster and District Chamber of Commerce hosted a roundtable to discuss the implications of Brexit on the North Lancashire economy.

Professor Frank Peck, research director at the Centre for Regional Economic Development, Cumbria University, was the guest speaker, with David Morris, member of parliament for Morecambe and Lunesdale, representing the government.

The discussion focused on the district's key industries of agriculture, tourism, manufacturing, construction, logistics, energy and the public sector – health and education.

Panelists discussed the risks and opportunities posed to each sector by Brexit, as well as the implications and possible mitigation measures relating to communities in the city, by the coast coast and in the  countryside.

Professor Peck discussed the impacts of a "hard" Brexit, likely affects on skills and employment when recruitment is restricted, and the uncertainty surrounding regulatory regimes.

In conclusion, most commentators expect UK the economy to shrink due to Brexit, though the size of the impact varies depending on the terms and time taken to negotiate an outcome.

However, the risks also present opportunities in every business. Businesses should prepare for multiple outcomes and be informed about supply sources, alternatives, different markets; they should be informed about the state of the economy – nationally, locally.

Also, businesses should pay attention to indicators; medium-sized firms should engage all disciplines in planning – all departments, all employees; and they should build relationships to create network stability to offset wider uncertainty which helps them to stay informed, interpret change, and seek support (businesses take risks together, less on their own). Finally, businesses should lobby and engage with business representative bodies – actively seeking and possibly influencing new regulatory knowledge.