BREXIT is likely to cost every household money and spell job losses, although some industries in Dorset could see a positive effect.

Those were among the messages at a Bournemouth University event which considered the impact of Brexit and immigration on local businesses.

The discussion, part of the university’s Festival of Learning, brought together economists and business people.

Davide Parrilli, associate professor of regional economic development, is leading a study of the potential impact of Brexit on the marine industry.

He said the weaker pound could boost tourism, but there was likely to be a negative impact on the financial services industry, engineering and manufacturing.

“The financial industry in the area might be negatively impacted as we expect partsof the financial transactions to move towards cities like Frankfurt and Paris,” he said.

Some parts of the marine sector, including boat building and aquaculture, could do well because they mainly relied on exporting to non-EU countries. But parts of the industry that served a domestic market could suffer.

Peter Howard-Jones, a retired chief executive who became a PhD student, said conservative estimates suggested a 22 per cent fall in foreign direct investment over the next decade. That would cause a 3.4 per cent decline in real incomes – around £2,200 per household, he said.

Car production could fall by 181,000 cars, or 12 per cent, putting up prices by 2.5 per cent, he added. He feared the UK was heading for a “hard Brexit” which would be disruptive for industry.

“Nissan holds only half a day’s stock and uses five million parts a day, 60 per cent of which are imported. Can you imagine the chaos caused by any disruption on the UK border?”

He also said there was not the scope for cutting regulation, or expanding exports, that some think. “The UK is already one of the most deregulated markets in the world,” he said.

Bournemouth University’s Professor Sangeeta Khorana, who is studying the impact of Brexit, said 85 per cent of Britain’s trade was with the EU, or with countries that had free trade agreements with the EU.

“The UK has to try and come up with a deal for 40 other countries if it wants to hold on to 85 per cent of its trade,” she said.

The government had months to negotiate trade agreements not only with those countries, but around the world, she said.

She said trade restrictions after Brexit would drive up costs for business. “We find that this is going to be the biggest disadvantage with Brexit,” she said.

“There’s a lot of uncertainty in the air which is having a very negative impact on business sentiment,” she added.