Introduction
Our project in the ESRC’s Devolution and Constitutional Change Progarmme is entitled: An Analysis of National and Devolved Economic Policies.
In this project we seek to:
- assess the scope of the devolved authorities to exploit new opportunities for economic management
- address interregional interaction through trade, migration and price effects (using a specially developed multiregional economic model of the UK)
- investigate the extent and causes of differential regional and sectoral impacts of changes in UK-wide policy instruments
- assess the likely consequences of a wide range of different fiscal arrangements for Scotland, Wales, Northern Ireland and England, as well as for the UK as a whole
- explore the likely interactions between UK-wide and devolved policies, assess their implications for regional and national prosperity, and investigate optimal policy design
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Currently 7 months into the 24-month project
- so still constructing interregional model, but
- have begun to explore policy issues with new standalone model of the Scottish economy
- illustrate how we use this in attempt to enhance our understanding of Barnett formula