Episode description

In the latest episode of “Talking Trade,” Europartnerships Managing Director Mark Dodsworth says businesses in the United Kingdom “have been hit very hard” by the pandemic, the war in Ukraine and Brexit. 

“These have caused a number of serious disruptions, which have led to, for example, 11 percent inflation as of today,” he said. “Rising interest rates, exchange rate volatility, supply shortages, energy price rises, shortages of labor and consumer spending under pressure.” 

But despite these challenges, he said the U.K. economy has proved to be “fairly resilient.” After a dip in 2020, its GDP rose 7 percent in 2021, Dodsworth explained. And the current quarterly GDP is only 0.4 percent below its pre-pandemic level. 

“At the moment, things are not too bad but they are likely to get a lot worse,” he said. “And there are major concerns about a prolonged recession in 2023/24.” 

He also highlights some areas of opportunity for U.S. companies, including financial technology, digitization, electric vehicles and charging infrastructure, energy efficiency, and health care and life sciences.