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Business

Economist Gerard Lyons says Kent must build better infrastructure to mitigate impact of Brexit slowdown

By: Chris Price

Published: 13:00, 09 November 2016

Updated: 13:34, 09 November 2016

One of the leading economists in favour of leaving the EU has said Kent must build better transport infrastructure to help business.

Gerard Lyons, who was co-founder of Economists for Brexit, said he was “very positive” about the future of the UK during a dinner held by Sittingbourne Conservatives at the Plough Inn, near Norton, on Monday night.

Mr Lyons, who was chief economic adviser to Boris Johnson when he was mayor of London, said improving transport links would have a “transformational impact” in the county but acknowledged the economy faces at least two years of slower growth.

Economist Gerard Lyons at the Plough Inn in Lewson Street, near Norton

He said: “For Kent the key thing is to stress the importance of transport infrastructure.

“It is not just about putting down flashy new projects but about improving what’s there and putting down links which connect different parts of Kent and improve the speed of links to London as well.

“Younger people are often attracted by the magnetic pull of London so we need to improve transport links so people not only come here but also so young people stay here and commute up and back from London...” - Gerard Lyons, economist

“That attracts more people to live here, attracts more developers to build property and more businesses come. All that takes time.

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“It is not only about bringing new people in but also about stopping people from leaving.

“Younger people are often attracted by the magnetic pull of London so we need to improve transport links so people not only come here but also so young people stay here and commute up and back from London.”

Mr Lyons, who had a 27-year banking career in the City of London, said Brexit economists’ predictions about the business conditions after the vote to leave were more accurate than those of remainers.

He said: “I did say the following two years would be a difficult time for the economy. It will be like a Nike swoosh or tick – a slower pace of growth but not going into recession.

“In the aftermath of the referendum, everything is seen in the context of Brexit and if we hadn’t had a referendum we would still likely be talking about the economy slowing down.

"Even though it doesn’t feel like we have had much of a recovery over the last seven years, we have had a recovery which has gone on for a long period of time. Normally at this stage of the economic cycle the UK starts to slow down.”

Junction 10 of the M20

Swale Borough Council’s Cllr Mike Whiting, chairman of Sittingbourne Conservatives, who invited Mr Lyons to the meeting, said: “We were delighted Gerard agreed to come and talk at our supper, which was sold out.

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“His Brexit messages resonated well with the audience. Remember Sittingbourne and Sheppey voted leave 62% to 38% in the referendum.

“He was able to share his thinking on how well he believes the UK will do in a more global market once we are out of the EU.”

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