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IED statement on General Election outcome


Nigel Wilcock, Executive Director of the Institute of Economic Development (IED), said:

“The IED has always believed that the UK economy in general, and in particular the left-behind regions, would be in a better economic position without Brexit. What had become clear, however, was that a perpetual state of flux was the worst outcome of all. Given the result, and an assumption that Brexit will now proceed, we urge the Prime Minister to prioritise a trade deal, allow extensions to any transition periods to avoid cliff edges and in the meantime urgently prepare a Local Government funding settlement, a plan for a Shared Prosperity Fund, make good on the interventionist pledges made in the election and stop running competitions for local funding which suck up resource which is in short supply and create division at a time when under-performing areas would be better served by working together.”