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The Labour Market Impact of the Run on Northern Rock: Continuity and Evolution in an old Industrial Region

Author

Listed:
  • Stuart Dawley
  • Neill Marshall
  • Andy Pike
  • Jane Pollard
  • John Tomaney

Abstract

The Northern Rock mortgage bank was a high profile casualty of the credit crunch in 2007. A longitudinal investigation focused on the redundancy and resettlement of employees at the bank provides a case study of the labour market impact of the banking crisis on the North East of England. An evolutionary geographical political economy approach indicates that Northern RockÕs growth and decline was shaped by its location in an old industrial region, and echoes the historical position of the peripheral region in the spatial division of labour. The Northern Rock case highlights the enduring occupational structure of the regionÕs labour market, and suggests older industrial regions may suffer from a process of Ôoccupational disadvantageÕ that restricts their ability to adapt to economic change.

Suggested Citation

  • Stuart Dawley & Neill Marshall & Andy Pike & Jane Pollard & John Tomaney, 2011. "The Labour Market Impact of the Run on Northern Rock: Continuity and Evolution in an old Industrial Region," Papers in Evolutionary Economic Geography (PEEG) 1109, Utrecht University, Department of Human Geography and Spatial Planning, Group Economic Geography, revised Jun 2011.
    • Handle: RePEc:egu:wpaper:1109
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    File URL: http://econ.geo.uu.nl/peeg/peeg1109.pdf
    File Function: Version June 2011
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    Cited by:

    1. Bholat, David & Gray, Joanna, 2013. "Organizational form as a source of systemic risk," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 7, pages 1-35.
    2. Dariusz Wójcik, 2013. "The Dark Side of NY–LON: Financial Centres and the Global Financial Crisis," Urban Studies, Urban Studies Journal Limited, vol. 50(13), pages 2736-2752, October.
    3. Tom Strickland, 2013. "The financialisation of urban development: Tax Increment Financing in Newcastle upon Tyne," Local Economy, London South Bank University, vol. 28(4), pages 384-398, June.

    More about this item

    Keywords

    Financial crisis; Northern Rock; Labour market impact; Evolutionary geographical political economy;
    All these keywords.

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