Businesses in Greater Manchester face choppy waters after Britain’s Brexit vote - and there are already fears that some larger companies could ditch the region for a European base.
Council chief Sir Richard Leese teamed up with Chancellor George Osborne earlier this week to urge people to vote Remain, highlighting that major companies from across the world were choosing our region over London.
They warned that Brexit could see them migrate elsewhere, to countries that would allow them to access the single market.
Think tanks are warning their prediction could prove true.
Sir Richard revealed earlier this week that an unnamed firm had recently shortlisted Manchester as a possible base - creating 200 jobs in the process - alongside two other EU cities.
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When the firm came to visit, it was ‘clear’, he said, that were Britain to leave the EU it would not be choosing Manchester.
One opportunity, it seems, has already been lost.
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There are growing fears the move could see scores of jobs in Greater Manchester at risk - and companies considering their future in the city.
Phillip Blond, director of think tank ResPublica, said: “The north has voted for Brexit in protest at being forgotten.
“But what they’ve done is wipe the north from the minds of every external investor.
“They’ve condemned themselves to a state of poverty and inequality. It’s a disaster for the north of England.”
Before the referendum, George Osborne said that by 2020, if Britain opted to stay in the EU, the region would see an extra 117,000 new jobs, with the average wage rising by £5,300 to £35,000.
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Brexit, however, could mean things going the other way. Treasury analysis shows unemployment could rise by nearly 120,000 across the north as a whole in the next two years.
Ed Cox, director of think tank IPPR North said: “The people have spoken, but in the north they have shouted.
“Whatever you believe about the Northern Powerhouse, few can deny that our trading relationships with our - soon to be former - EU partners matter much more to northern businesses than they do in London.
“We need a global north now like never before.”
