Latest news with #UKIndustrialStrategy
Fibre2Fashion
28-06-2025
- Business
- Fibre2Fashion
Global trade to enter a period of slower, sustained growth: UK govt
Global growth is expected to slow progressively till 2050, as maturing emerging markets, slowing population growth and rising uncertainty weigh on growth prospects, according to a report by the UK department for business and trade. Meanwhile, global trade is expected to break with the exponential growth of recent decades, to enter a period of slower, but sustained growth; complicated by a threatened fragmentation among key markets, the third edition of the department's 'Global Trade Outlook' said. Emerging markets will claim a growing share of global gross domestic product (GDP), with the most rapid growth centred on South Asia and Africa, but Europe, the US and China will remain key pillars of the global economy. Global growth is expected to slow progressively till 2050, as maturing emerging markets, slowing population growth and rising uncertainty weigh on growth prospects, a UK business and trade department report said. Global trade is likely to break with the exponential growth of past decades, to enter a period of slower, sustained growth; complicated by a threatened fragmentation among key markets. By the end of the projection, most of the largest markets will have reached peak population, as stalling population growth weighs on economic growth in Europe and Asia Pacific, but drives a rapid expansion in Africa. The United Kingdom is expected to retain its position as the sixth largest economy, even as rapid growth in emerging markets sees the UK's share of global GDP decline. Services centric global growth and rising high income consumers will play to UK strengths and drive growth. Europe will remain the world's largest market, even as emerging market growth and shifting value chains diversify global trade, and offer growth opportunities that significantly exceed slowing overall trade growth, according to the report. Advanced manufacturing will remain the most traded global sector, while services sectors continue to experience rapid growth; as rising import demand in priority sectors lifts global exports prospects for UK Industrial Strategy firms. The emergence of over a billion new high income consumers, primarily concentrated in China and South Asia, will offer rich prospects for exporters, as a diversifying global footprint is increasingly important to reach top potential customers. The United Kingdom is expected to remain a leading trading nation, as exporters benefit from close relationships with some of the world's fastest-growing markets. While Europe will remain the largest destination for UK goods, export destinations are expected to diversify, as growth spreads across regions, the report added. Fibre2Fashion News Desk (DS)
Business News Wales
20-06-2025
- Business
- Business News Wales
Principality Building Society's Iain Mansfield Appointed as CBI Wales Vice Chair
Principality Building Society director Iain Mansfield has been appointed as CBI Wales Vice Chair. Iain, Chief Financial Officer at the 165-year-old building society, brings substantial business experience, insights and considerable acumen to the CBI, which is also celebrating a special anniversary – 60 years as the voice of business. Iain will be Chair-designate of CBI Wales, stepping up to this role in 2026. He is working with CBI Wales Director Russell Greenslade and Chair Alison Orrells during a busy period for business following the Uk Government's Spending Review, the forthcoming launch of the UK Industrial Strategy and the Welsh Government's international investment summit – an event that was announced at the CBI Dinner last year – in Newport on 1 December. Iain will also be a high-profile presence at the CBI Wales Dinner at Sophia Gardens, Cardiff, on 13 November, a key date in the calendar for Welsh business, UK, Welsh government politicians and other stakeholders. Welcoming Iain's appointment, Russell Greenslade, Director, CBI Wales, said: 'I'm excited to welcome Iain as Vice Chair. He will play a crucial role supporting myself and the team in representing the interest of business in Wales, utilising the CBI's unrivalled expertise and policy insights from across the UK to ensure the governments in Cardiff and London are delivering for business. 'With such an extensive business background, an understanding of the financial burden and risk businesses face – from high energy costs to rises in NICs introduced in the Autumn Budget – and knowledge of a rapidly changing economy that includes advances in AI, and the skills shortages holding back firms, Iain will complement our current Chair's tremendous work. 'Although the CBI has a few years to go to match the Principality's 165 years, our organisations have much in common, including a strong and supportive membership base, and businesses – from north, south, east and west – that I've spoken with about Iain's appointment are delighted that he further strengthens the CBI Wales senior leadership team.' Alison Orrells, Chair, CBI Wales and Managing Director and CEO, The Safety Letterbox Company, said: 'With my extensive background at the front of a Welsh business and in particular manufacturing, exporting and SME challenges, coupled with Iain's significant experience in financial services, we'll be a strong double-act over the coming months to reinforce the CBI's reputation as the voice of business in Wales amid a time of increasing global economic uncertainty, from trade tariffs to conflict in the Middle East and to continuing high energy prices. 'We must ensure firms across Wales have access to a ready supply of skilled people and are equipped for the rapidly changing technology and use of AI. We need to do all we can to unlock barriers to growth and we'll both be listening closely to what businesses have to say at our quarterly CBI Wales Council meetings and working groups, taking CBI members views and experiences to policy colleagues to feed into the heart of government.' Iain Mansfield, Vice Chair, CBI Wales and Chief Financial Officer, Principality Building Society, said: 'It is a genuine privilege to take up the position of Vice Chair, and eventually Chair, at the CBI in Wales, particularly as the organisation celebrates its 60th anniversary alongside Principality's own 165th year of supporting communities across Wales. 'Throughout my career, I've witnessed firsthand the resilience, adaptability and innovation that define and drive businesses in Wales. 'Businesses today are navigating a complex economic landscape shaped by global challenges such as elevated interest rates and inflationary pressures. Yet here in Wales, we also face specific challenges closer to home—particularly the urgent need to unlock productivity to secure sustainable, long-term growth. 'Addressing these issues requires collaboration across the diverse businesses that underpin our local and national economy. 'I look forward to working with Russell, Alison and our membership to represent and champion the needs of businesses in Wales and ensure that together we help shape a thriving economic future for Wales and its businesses.'
