Middlesbrough trains aspiring eye surgeons in partnership with the NHS
Tomorrow’s eye surgeons are being trained at a sight-saving Teesside clinic as part of an initiative aimed at easing the NHS’s workload.
Newmedica Middlesbrough is among the country’s first ophthalmology clinics to offer its expertise and state-of-the-art facilities to aspiring young NHS surgeons.
This is part of an agreement between independent healthcare providers and the NHS to ensure medical trainees have new opportunities to train in elective surgery or diagnostic activities in the independent sector.
The agreement came about to enable independent hospitals to support the NHS during the coronavirus pandemic.
This means that Newmedica Middlesbrough, which looks after patients from across Teesside and the surrounding area, is now giving trainee surgeons opportunities to use their skills in theatres and learn from senior clinicians.
Qasim Mansoor, Consultant Ophthalmologist at Newmedica Middlesbrough, said that his clinic will continue to develop close partnership-working with local NHS organisations for the benefit of patients.
He added: “Training is the core of becoming a skilled surgeon and something that I am very passionate about.
“Newmedica have worked closely with The James Cook University Hospital in Middlesbrough to provide a training programme for ophthalmic trainees and we are already receiving positive feedback from the trainees and patients.
“We are very proud as an independent provider to be involved in this invaluable programme of education.”
Middlesbrough is setting the trend for other Newmedica clinics, which are finalising their plans for trainees and hope to be involved in the next few months, with trainee surgeons working in every Newmedica facility around the country.
Nigel Kirkpatrick, Newmedica Clinical Director, said: “The next generation of surgeons will undoubtedly benefit from spending dedicated time in our modern surgery centres, where they’ll have the opportunity to see lots of patients.
“We offer closely supervised training sessions with experienced consultants to allow the trainees to increase their skills. Surgery is an apprentice-style skill where the trainees and consultants work closely together to remove cataracts, treat eyelid diseases and perform laser treatments that restore vision.
“Learning as a doctor never ceases and the trainees often bring new ideas and concepts to our training sessions, allowing even the most senior surgeons to adapt techniques to improve outcomes for patients.”
Newmedica was started more than 10 years ago. Its clinics already provide services for NHS CCGs, NHS Trusts and Foundation Trusts, as well as other providers of NHS-funded services – caring for more than 120,000 patients a year.
Newmedica’s clinics across the country offer a range of specialist eye-care services, including glaucoma management and cataract surgery.
Further information about Newmedica is available at www.newmedica.co.uk.
Local holiday homes manufacturer donates Christmas presents to families in need
Victory Leisure Homes, the East Yorkshire holiday homes manufacturer, has donated various Christmas treats to local family crisis intervention charity Bundles of Joy to support vulnerable families over the festive period.
The items have been donated by colleagues at both the Gilberdyke and Hull sites. These items are now on their way via Bundles of Joy to families across Hull and East Yorkshire so that children and teenagers can celebrate Christmas with treats and presents to open on the big day.
Gary Corlyon, managing director of Victory Leisure Homes, said: “No matter our circumstances, everyone deserves to celebrate Christmas.
“The recent pandemic showed us all just how important the feeling of community is, so the whole team at Victory were more than happy to bring in all things festive to help those that might not have the means to give presents and celebrate this year.”
Victory is a big supporter of Bundles of Joy, having previously donating the entirety of its prop inventory to the charity.
Gillian McKenna, trustee and volunteer at Bundles of Joy, added: “Many families in our local community are already finding it difficult to make ends meet, and Christmas, rather than being the happy occasion it should be, can pile on additional pressure and stress. We are incredibly grateful to the team at Victory for their continued support and for helping us to make the festive season special for the children we support, who might otherwise go without presents or treats on Christmas Day.”
With Christmas fast approaching, Bundles of Joy is helping families that are going to find Christmas particularly hard this year. The charity is accepting donations of chocolate advent calendars, selection boxes, Christmas chocolate treats, and new toys and gifts for boys and girls for all ages from newborn up to 16 years until Monday 13 December.
To find out more about how to donate items, visit www.bundlesofjoy.org.uk or contact the charity on: hello@bundlesofjoy.org.uk.
For more information on Victory Leisure Homes visit: www.victoryleisurehomes.co.uk.
Experienced audit manager joins Hentons
An experienced audit manager has been appointed at Yorkshire-based chartered accountancy and business advisory firm, Hentons.
Lee Milligan has over 25 years’ industry experience and will be managing a team of auditing professionals who are based across the firm’s Leeds, London, Sheffield, Thirsk and York offices.
After completing a BA Hons degree in Accountancy and Business Studies, Lee started his career in Stoke-on-Trent before moving to a firm in Manchester. He has recently been working as the audit and accounts manager at Paylings Ltd in Wakefield. Lee is a fellow of the Association of Chartered Certified Accountants (ACCA).
Lee said: “A well-run audit gives management and third parties assurance in the published financial figures and highlights any weaknesses in client systems, errors and potential fraud. It also makes meaningful unbiased recommendations to improve performance in the future. I pride myself on adding value to clients by providing excellent service and ideas that play a vital role in driving businesses forward.
“I wanted to join Hentons, as the firm has an excellent reputation for its audit and accountancy services, as well as offering corporate finance and legal services, and there are plenty of opportunities to build on its impressive client base.”
Partner, Mark Bain, from Hentons, said: “All the audits we carry out are unique to the specific operational, financial and regulatory risks faced by each business. Our highly experienced team identify areas that can improve a company’s tax position, whilst also providing assurances and financial guidance to support future growth. Lee is the ideal fit for Hentons, and our team and clients will benefit from his experience and dedication.”
CPP lets speculative build at Ashroyd Business Park
Commercial property lettings experts Commercial Property Partners (CPP) has completed a significant letting at the Ashroyd Business Park at Barnsley, South Yorkshire.
CPP has agreed a letting at Ashroyd 52, a 52,871 sq. ft speculative new build, on behalf of commercial real estate specialists, 4th Industrial.
The self-contained unit offers a glazed feature entrance, 2,551 sq. ft of first floor office space, secure gated yard, separate parking facilities, two loading doors, as well as a further three dock leveller loading doors. Its BREEAM rating is Very Good along with an EPC ‘A’ Rating. The new tenants will also enjoy superfast-broadband and mains gas connectivity.
Ed Norris, Director at CPP, comments: “We’re delighted to conclude this letting at Ashroyd 52, which reflects both the quality of space and the strength in the commercial industrial market across the region and along the M1 corridor.
“South Yorkshire is in strong demand at the moment, particularly Grade A industrial units over 50,000 sq. ft, which are in very short supply and therefore not staying vacant for long.”
Gareth Jones of Jones Granville, acting for their client commented ‘The unit presented a quality opportunity in a great location, which fitted my clients brief. We were pleased to conclude the negotiations given the lack of availability across the region and the quality of the building.’
Faye Fleming, Asset Manager at 4th Industrial added: “We are very pleased to agree this significant letting after recently acquiring the estate. The time taken to find a quality tenant at the location is testament to our agents CPP and Savills.
“The remaining units all have strong interest, and we hope to have more announcements in the near future.”
Half of Yorkshire construction firms not confident they will achieve net zero by 2050
As the urgency for the shift to a net zero economy becomes more prominent, a brand-new piece of research has identified that nearly half (43%) of the UK construction industry is not confident they will achieve net zero by 2050, and this is even higher in the Yorkshire region at 51%
For the sector, which contributes over 40% of the UK’s total carbon footprint, to reduce
emissions and achieve net zero by 2050, it needs to address three key challenges, according to a piece of industry research commissioned by Bramble Energy – a hydrogen fuel cell technology startup:
1. Education and an understanding on the solutions available
2. A net zero ambition which is realistic and ultimately, achievable
3. Full transparency on the government funding available.
Research specific to the Yorkshire region follows the national trend. Over three quarters (81%) of participants believe the government can be clearer in how it expects the construction industry to hit carbon targets and ensure the net zero ambition is not a pipedream. The survey also revealed that nearly four fifths (81%) of the construction industry, 74% regionally, has not taken advantage of any hydrogen government funding schemes available to them. In Yorkshire, 57% of the industry know funding is available – nationally it is just under a half (48%).
Chief product officer, Peter Sayce, at Bramble Energy says: “Inherently the construction industry is a heavy carbon emitter and continues to be the focus of many planned government initiatives and policies, as well as public scrutiny. The urgency to act on climate
change has never been greater, and the construction industry – like all others – has a moral and legal responsibility to address the climate emergency and accelerate sector decarbonisation.
“The construction industry is already demonstrating clear intent with the launch of major
projects like HS2. Yet our survey revealed some genuine challenges that continue to face the sector in order to achieve net zero. Yes roadmaps are being put into place by industry experts but the picture being painted is that all parties have to take their share of the responsibility. Construction firms have to become better educated on solutions and support available, and the government has to be more transparent in its support.”
Earlier this summer, the UK government tipped hydrogen as being one of the country’s carbon cutting solutions by launching a dedicated strategy to kick-start the UK in becoming a world-leading hydrogen economy. The vision promises to unlock up to £1 billion in UK
government support for hydrogen and other low carbon technologies, including over £400m for hydrogen specifically. This received huge criticism from industry experts claiming the amount of funding will mean the UK will struggle to deliver at scale because it is dwarfed by the billions earmarked by European counterparts like Germany and France.
Earlier this month more than 100 organisations led by the UK Green Building Council (UKGBC) launched the Whole Life Carbon Roadmap – a vision and actions for achieving net zero carbon in the construction and demolition of buildings and infrastructure.
The benefits of hydrogen power are well documented. Not only does it help reduce carbon
footprint, it is reliable and easy-to-use, its only emission is water and when in operation is
virtually silent. Yet what is stopping the construction industry from implementing it, is cost with 65 percent of participants claiming it was their biggest barrier to entry – from cost of raw materials and overall operating costs to cost of replacing legacy equipment and initial
investment.
The survey did reveal that four percent of the construction industry have already started to
implement hydrogen, with another six percent considering it in the very near future. The good news is innovation continues. Last year Siemens Energy installed a zero-emission hydrogen fuel cell to provide off grid power to the National Grid’s Viking Link construction site and JCB announced earlier this year its development of the construction’s first ever hydrogen powered excavator.
“As more and more construction firms start to strategically prioritise or consider the pursuit of a sustainable world, the more change becomes a reality in how the industry currently powers its sites. The race to net zero is proving to the world that hydrogen will be part of the solution in tackling carbon emissions – for today and tomorrow. After all the talk, it is time for action!
“The climate crisis is the biggest challenge humanity faces and speed is of the essence. COP26 presented a stark warning of the dangers involved when ignoring climate change and lack of action. Everyone has a part to play – this includes the construction industry, but more importantly, those who have access to insight, knowledge and tools to bring it to the forefront and make tackling climate change a collaborative effort,” concludes Sayce.
Industrial scheme given green light at Hull’s Anlaby Retail Park
Forty thousand square feet of industrial space has secured full planning consent at Anlaby Retail Park in Hull.
The Derwent Group, which owns the strategic development site, submitted plans to bring forward a long-consented industrial scheme in June. Work is now expected to start on site in mid 2022, ready for practical completion in early 2023.
Located to the north east of the retail park, the new 40,000 sq ft scheme will be split into a number of individual units for B2 and B8 use. Units will range in size from 1,500 sq ft to 10,000 sq ft, with the option of adding a mezzanine floor.
Andrew Day, senior asset manager at The Derwent Group, which owns the Anlaby Retail Park site, said: “We’re delighted that we can now push forward with this scheme and bring flexible and modern industrial accommodation to the local market.
“Our vision for this site is in keeping with The Derwent Group’s wider commitment to expand our industrial portfolio with high quality space in strategic locations where there is already strong amenity and good road connectivity.
“We’re currently in the process of procuring a contractor and expect work to start on site in the spring.”
David Garness, director at Garness Jones, acting agent for the scheme, said: “This is tremendous news and we expect to see high demand for the scheme. It’s been designed to reflect local market demand with a number of smaller units available, plus it has the benefits of easy access to the retail park, city and motorway network.”
Business Productivity Programme helps Elecomm target £30m milestone
A specialist business services provider is on track to see its turnover increase from £22m to £30m over the next three years after securing grant funding from the South Yorkshire Business Productivity Programme.
Elecomm, which is headquartered at Beighton Link Business Park, delivers a range of electrical, mechanical, data and IT support to businesses across the UK and counts over 130 colleges across the UK, major retailers including Asda and Ikea, as well as some of the UK’s best known construction companies amongst its growing client base.
Following the launch of a new dedicated facilities management division earlier this year, the company realised that many of the systems and procedures it had relied upon since its inception in 2003 were no longer fit for purpose.
Today, the business employs more than 150 sub-contractors working both across the UK and Europe, as well as managing its own warehouse operations and overseeing a fleet of 40 vehicles. With an increasingly complex business model, the company reached out to the South Yorkshire Business Productivity Programme to access the vital support needed to identify more effective ways of working.
Working with Key Account Manager, Claire Green, a match funded grant was secured to help Elecomm to invest in specialist business consultancy support to undertake a comprehensive review of the company’s business operation. All aspects of the business were placed under the microscope, scrutinised and reviewed, helping the company to identify more effective ways of working, as well as highlighting skills shortages within its existing workforce.
Since accessing funding through the Business Productivity Programme and as a result of the measures it has implemented, Elecomm is investing in new technology to support more collaborative working across the business. The company has also embarked upon a significant recruitment campaign, which it hopes will create a number of new roles within the business, as well as inspiring the next generation of colleagues through its apprenticeship programme.
John Hamilton, supply chain director, Elecomm, said: “We’ve enjoyed a significant period of growth in recent years, not only in the UK but also working across a number of international markets. It’s been a period that has seen us target new markets and services, as well as investing in the training and development of our staff. As the business grew, we knew the systems and procedures we relied upon were no longer fit for purpose.
“We knew the changes we wanted to make to the business would not happen overnight, and the support we have been able to access as a result of the Business Productivity Grant is helping us to build on our strengths, identify weaknesses in our business model and implement the changes we knew we needed to make to help us achieve future growth.
“As a direct result of the support we’ve received, we’re on course to achieve our growth target of £30m as well as helping us to develop clear succession plans for the business as we continue to create new skilled jobs within the local economy.”
Claire Green, key account manager, RiDO, said: “The Business Productivity Programme was developed to help businesses across South Yorkshire overcome barriers to growth, helping companies to access specialist support to enable them to take advantage of new opportunities, lay the foundations for future growth and ultimately help to create and retain skilled jobs within the local economy.
“In recent years, Elecomm has successfully launched a number of new services; however, the company recognised that as the business grew, it needed to embrace new working methods. The support provided through the Business Productivity Grant has enabled Elecomm to consolidate and identify new ways of working.
“It has also helped the company’s management team to access the specialist support needed to underpin future growth by improving communications across the business as well as overcoming skills barriers in its workforce. It’s great to see that the steps they have implemented are already helping the company to reap dividends.”
Yorkshire insolvency expert highlights the risks of giving gift cards at Christmas
As the festive season gets into full swing, Yorkshire shoppers planning to give gift cards to family and friends for Christmas need to make sure they understand the potential risks involved in buying them warns Eleanor Temple, Yorkshire chair of insolvency and restructuring trade body R3 and a barrister at Kings Chambers in Leeds.
Ms Temple says that consumers must be aware that they could lose their money if a retailer goes out of business. She continues: “While gift cards are really convenient and can be easily bought both in stores and online, itlso vital consumers understand how they can be affected if the retailer that offers them enters an insolvency process.
“If the retailer which has entered an insolvency procedure is either continuing to trade or has gone through a pre-pack administration, customers will need to check with store staff whether they can still redeem them. If the store is still honouring them, it’s generally a good idea to spend them sooner rather than later, particularly as there’s a risk that your local store may be earmarked for closure or the situation across the whole organisation may change quickly, if the firm becomes insolvent.”
A number of retailers that have gone into administration or liquidation over recent years have been unable to honour gift cards that were bought before their insolvency process began, with shoppers losing their money as a result.
In other cases, failing firms have refused to honour gift cards after a given point in their insolvency process.
With several well-known high street stores having entered insolvency during the pandemic and the wider sector continuing to face severe trading difficulties, consumers would be well advised to take these risks into account.
Ms Temple continues: “It is understandably frustrating when a retailer won’t accept gift cards during an insolvency process, but the insolvency practitioners in charge of the process are obliged to look after all creditors’ interests according to a strict hierarchy set out in law, and, unfortunately, customers are just one of many.
“Insolvency practitioners overseeing a retail insolvency have to make their decisions regarding accepting gift cards on a commercial basis and it is not a decision that they will take lightly. On the one hand, accepting them could lose the business more money, but on the other, not doing so could hurt the relationship between the retailer and its customers.”
She adds: “In the case of a pre-pack administration, where a company enters administration and is immediately sold to another buyer, then whether or not gift cards and vouchers issued prior to the administration are still honoured is up to the new owners. Although the name above the door may have stayed the same, legally it is a new and distinct entity and has no obligation to allow gift cards sold by its former incarnation to be used.”
Financial pressures on retailers can also be increased by the rental payments due to their landlords around 25 December, which is one of four Quarter Days in each year on which these bills are due to be settled, while the recent removal of the government’s pandemic business support measures has taken away a safety net that may have helped to keep many retailers in business over the last 18 months.
Wilton Developments completes warehouse letting and investment sale at Enterprise 36 Tankersley in South Yorkshire
Wilton Developments has completed a 80,500 sq ft letting and investment sale at Enterprise 36 industrial and warehouse scheme in Tankersley, South Yorkshire. Market-leading multiple services provider, USL has agreed a 20 year lease on Unit 1 for its new HQ at the scheme and the investment has been sold to CBRE Investment Management (CBREIM). Alex Whiting and Mike Baugh from the Leeds office of CBRE advised Wilton Developments.
Unit 1 is the final warehouse to be sold at the successful four unit Enterprise 36 development which is one of the most strategically located sites on the M1 corridor in South Yorkshire.
The unit provides a new headquarters for USL Group, which provides specialist construction solutions on a global basis to the telecoms, utilities, construction and energy sectors and will house state-of-the art production and warehouse facilities, as well as office space for teams and will accommodate future expansion plans.
CBRE Investment Management also recently acquired the adjoining vacant 77,500 sq ft Unit 2 from Wilton Developments and this was subsequently let to GB Eye Limited, a leading Sheffield-based licensed pop culture merchandising company as part of their growth plans.
The Enterprise 36 development was supported by Barnsley Council’s Enterprising Barnsley investment team and its nationally recognised BMBC Property Investment Fund.
Jason Stowe Managing Director of Wilton Developments said; “This is the final piece in the jigsaw of our very successful Enterprise 36 scheme in Barnsley. We are particularly pleased for BMBC that all of the occupiers we have accommodated on the scheme have maintained and indeed expanded on their businesses within the Sheffield City Region. This is good for Barnsley but also good for the region as a whole. We look forward to announcing further investment in the City Region early in the New Year.”
Ian Fairweather, Director, CBRE Investment Management, commented: “With a shortage of modern, high-quality industrial warehousing across Yorkshire, especially in the mid box sector, we are excited to have capitalized on this rare opportunity at Enterprise 36. Built to a modern specification and less than one mile from the M1, the unit offers a compelling investment rationale and we anticipate consistent returns for our investors.”
Alex Whiting, Senior Director at CBRE Leeds, said: “Wilton have developed another successful warehouse and industrial scheme in Yorkshire and it’s great to see a high calibre investor such as CBRE Investment Management make another investment in the region.”
Booster for business investment needed to sustain the recovery & unleash UK’s potential – CBI economic forecast
The foundations for the UK’s economic recovery remain firm despite global supply challenges weighing on growth in the near-term, according to the latest CBI economic forecast.
However, short-term headwinds – including rising costs and shortages – have grown since the business group’s previous forecast in June. Longer-term challenges, notably persistently poor productivity, underline the need for a booster for business investment to support sustainable growth.
The CBI is forecasting 6.9% growth in GDP over 2021 and 5.1% in 2022, revised down from 8.2% and 6.1% respectively. It should be noted that this largely reflects weaker than expected outturn data since the CBI’s previous forecast. The business group’s forecast expects supply chain frictions to largely dissipate by the middle of next year. Earlier in the Autumn, the Government formed the supply chain advisory group to grip these issues.
Overall, household spending remains the key driver of GDP growth, generating 90% of growth in 2022, and two-thirds in 2023. This is supported by a further improvement in real income, and households running down excess savings accumulated during the pandemic.
The resilience of the UK’s labour market has been a real success story, thanks largely to the Government’s Job Retention Scheme, which helped stave off potentially large-scale job losses. Continued employment growth over the next couple of years also supports household spending.
Business investment appetite has recovered somewhat and, spurred by continual economic growth, it rises briefly above its pre-pandemic level at the end of 2022 (growing by 8.2% over the year as a whole). However, this recovery is short-lived, with capital spending falling from mid-2023, as the super-deduction comes to an end and the rise in corporation tax kicks in. As a result, business investment will continue to lag other advanced economies.
The recovery in exports is also expected to be lacklustre, following disappointing growth over this year so far.
The forecast predicts CPI inflation to peak at 5.2% in April next year. It is set to remain above the Bank of England’s 2% target until Spring 2023, which will hit pay packets and offsets some of the positive underpins to consumer spending.
Tony Danker, CBI Director-General, said: “The challenge for January 1st is now very clear for the UK economy. Significant headwinds and rising costs of living threaten the extent of recovery and prospects for economic success. These hurdles for firms will provide a major test for Government – can they foster sustainable UK investment and growth?
“The UK’s New Year resolution must be to give firms the confidence to go for growth. We should be raising our sights on the economy’s potential and seizing the moment. “I know from speaking with firms of all sizes that they have an ambitious investment mindset, and are anxious to implement growth plans.
“But while intentions have thawed, we’re coming up to a cliff-edge in 2023. The super-deduction is a welcome catalyst, but a one-hit wonder isn’t enough to make up for four decades of underperforming business investment. We must build on its success with targeted measures encouraging the scale of investment we need, particularly in green technologies. A booster for growth is needed to protect and build on our recovery.
“But this isn’t just a challenge for government. It’s also up to businesses to step up and be part of the solution. Investment in technology and skills are among the most important steps firms can take now that will power productivity growth.
“Government has key levers at its disposal to back business: pro-investment and pro-innovation regulation to help build new markets, a competitive tax regime that incentivises business investment across the board and new market-making interventions, for example on clean energy. Getting this mix right will pay dividends over the longer term, jumpstarting the UK’s flatlining productivity and set us on course for a brighter new year.”
Rain Newton-Smith, CBI Chief Economist, said: “We expect a pretty firm economic recovery ahead, though understandably the emergence of Omicron poses another downside risk to our forecast.
“Ultimately this underscores the need for equitable distribution of vaccines across the world – supporting lives, livelihoods and freeing our international travel sector, boosting trade too. The emphasis must be on testing and using all the tools at our disposal to keep as many global routes open as possible.
“Increasing exports is also a vital component of sustainable growth. Exporting companies are more productive, resilient and help create internationally competitive UK regions.
“Let us be candid: UK exports are being outpaced by our global peers which, if allowed to continue, will negatively impact our economy in the long term.
“We must continue to address market access barriers globally while supporting all businesses to seek growth internationally.
“The export strategy is a positive step forward with the extension of the new Export Support Service, and a welcome focus on the UK’s world-beating services sector. We now need to follow through on delivery.
“And there’s more we can do at home, too. By matching our peers on R&D spending we can build on existing UK strengths in areas like life sciences, higher education and decarbonisation to become the science superpower we all want to see.
“But let’s not forget the importance of normalising relations with the EU – our biggest and nearest trading partner – which will aid cooperation in a host of other areas.”
Key forecast data:
Jobs and household spending
- Household spending is set to increase by 7.6% in 2022 and 3.1% in 2023 as real incomes recover, and employment growth strengthens
- Recovery in the labour market continues with early data indicating only a minimal impact on jobless numbers following the end of the Job Retention Scheme.
- The CBI expect a relatively short-lived rise in jobless numbers at the end of this year, after which unemployment falls back steadily, ending the CBI’s forecast (3.8%) at its pre-COVID level.
- However, CPI inflation is expected to pick up further ahead, peaking at over 5.2% in April 2022 – driven by a combination of base effects from 2020, rises in Ofgem’s energy price cap, higher fuel prices and supply chain pressures. This will hit living standards, with real wages set to fall year-on-year for much of 2022.
- Business investment continues to recover over the coming year, rising briefly above its pre-pandemic level by 2022. However, it then falls from mid-2023 and ends the CBI’s forecast 3% below its pre-COVID level at the end of that year
- At the end of 2023, the CBI expect GDP to still be 3% below its pre-COVID trend.
- Poor productivity persists over the CBI’s forecast: despite the recovery over the next few years, output per worker remains 17% below its pre-2008 trend at the end of 2023
- With the recovery in UK exports lacklustre in the CBI’s forecast, and imports growth kicking off on a stronger footing, the CBI do not expect any support to GDP from net trade.
- The CBI expect global GDP growth (in purchasing power parity terms) at 5.7% in 2021, 4.7% in 2022 and 3.8% in 2023. Most of the economies that the CBI forecast are set to surpass their pre-pandemic levels of GDP at the end of 2022.
- But the global recovery is also likely to be very skewed, with emerging economies lagging behind, due to slower vaccine rollouts and limited space for policy support.
