City of London well placed to boost fast-growing markets, claims study
The City of London is well-placed to build closer ties to emerging and fast growing markets, claims a PricewaterhouseCoopers (PwC) report.
In the future, the UK’s economic clout will continue to weaken as emerging markets and fast-growing economies catch up and realise their potential. In fact, by 2050 the G7 nations will no longer account for half of the world’s economic output and instead make up less than a quarter, according to a PwC report.
It’s a figure that continued to worry the lord mayor of London, Alan Yarrow, and saw him embark upon a tour of the Gulf to build ties and highlight the wide range of skills and expertise that the UK holds. Writing in CityAM, Mayor Yarrow wrote about his recent visit to the region to re-strengthen the UK’s relationship with its bilateral trading partner.
UK could use City’s skills, expertise to help emerging markets
Talking about emerging and fast growing markets, Mayor Yarrow explained that “no region has grown as rapidly over the past few years as the Gulf”. However, while the standard aims include opening doors to new business and encouraging as much foreign investment as possible, this trip had a slightly different slant.
“The current volatility of the Swiss franc and the price of oil continues to dominate the news agenda”, said Mayor Yarrow, and he continued to state that these problems were being felt among all the Gulf states. However, they “certainly appear to be equipped to deal with it” he wrote.
It’s a testament to their efforts to diversify their economies with massive investments in education, large-scale physical infrastructure, the development of financial centres and steps taken to encourage entrepreneurship and innovation. But, Mayor Yarrow sees this as an opportunity to showcase the UK’s prowess in these fields by bringing along a wide-ranging business delegation that has two aims.
“First, it allows those that join me to broaden their network of contacts and meet senior government members, regulators and business leaders in important international markets. But it also demonstrates to our hosts that the City – and the entire UK – is full of the wide range of skills and expertise that countries need to fulfil their ambitions,” he said.
Britain can not only help the Gulf but other emerging markets to realise their bold economic reforms by offering the advice and guidance of industry experts, which would place the UK in a great position in the global economy of the future.