Understanding regional economic performance and resilience in the UK: trends since the global financial crisis

Publication date: 29 Jul 2020 | Publication type: National Institute Economic Review | External Author(s): Sensier, M; Devine, F | JEL Classification: C22, E32 | Journal: National Institute Economic Review Issue 253 | Publisher: Cambridge University Press

We investigate economic resilience of UK regions before, during and after the 2007/8 global financial crisis. We date business cycle turning points in real output, employment and productivity to assess the resilience dimensions of resistance, recovery and renewal and rank the economic resilience of regions in a resilience scorecard. Our empirical results reveal that the business cycle in productivity has not returned to its pre-recession peak level for Yorkshire and the Humber and the employment level has not recovered in Scotland. The resilience scorecard ranks the South East as the most resilient region with Northern Ireland the least resilient. 

Keyword tags: 
Economic resilience
regional disparities
productivity
business cycles