Supply Chain Delays Freight delays are hampering the global economic recovery and the UK has the additional hurdle of Brexit changes to mitigate. The logistical challenges faced are further exasperated by the rise in demand which has widened the gap between output and orders to a 24-year high. Iconic Swedish brand IKEA revealed supply struggles on around 1,000 product lines to UK customers with blame placed on Brexit and the shortage ...
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The British-Swedish Chamber of Commerce is delighted to share that Mikaela Kumlin Granit arrived this week in London in her new role, having been appointed in April, as the Ambassador of Sweden to the United Kingdom. This comes as Torbjörn Sohlström steps down from the role following five successful years in the position and will now return to Stockholm to work with the Swedish Foreign Ministry. Mikaela Kumlin Granit grew up ...
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Afghanistan: Withdrawal This week, the US announced that they had now withdrawn from Afghanistan following a 20-year long alliance with Britain in the region. The successful evacuation of over 15,000 people to the UK, since the 14th of August, under the time constraints is considered an achievement for the Ministry of Defence; however, there remains between 100-150 British citizens who were unable to get to their flights alongside 800-1,100 eligible Afghans ...
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Handelsbanken, a BSCC Patron member, has analysed the UK’s performance in Q2 of 2021 with their UK Chief Economist, James Sproule, identifying the strong 87.8% increase in the ‘accommodation and food service’ sector. This was partially attributed to the success of England in Euro 2020 but also mainly due to the re-opening of indoor hospitality with COVID restrictions. Sproule additionally went on to state that the accommodation sector will receive ...
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UK Stock Shortages Some analysts have now started to point to a slower recovery in the UK economy due to a variety of causations. The HIS/CIPS Composite Purchasing Managers’ Index (PMI) hit a sixth month low for August (scoring 55.3)- scoring below the Eurozone average and USA. The group attributed this to the “worst shortages of staff and materials on record” which are holding back the recovery. Manufacturers, for instance, are ...
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UK Q2 Forecast The first quarterly estimate for UK GDP growth in Q2 has been released and suggests a rise of 4.8% following the easing of COVID restrictions. Interestingly, the largest contributors to growth were the wholesale/retail trade, accommodation and food service activities, and education. Each month in Q2 is expected to have achieved moderate growth and real GDP growth will likely be the strongest in the G7- followed by Italy ...
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Centigo, a BSCC member, has identified key methods to comply with stricter new controls on food products crossing the British borders with EU, in particular for products of animal origin. Since the 1st of January 2021, Sanitary and Phytosanitary (SPS) controls have impacted almost all sales of animal products. The current guidance has led to an array of logistical challenges on the UK-EU border as supply chains have been forced ...
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The Swedish Government has imposed an entry ban on UK travellers to Sweden which now only provides exemptions to citizens of other EEA states, those with family ties, workers in selected industries, UK citizens who are holding or have applied for residence status, and a few rarer circumstances. Most arrivals will also require a valid COVID test taken within the latest 48 hours of arrival and the UK Government recommends ...
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Société Générale, a BSCC Patron Member, has pushed further ahead with its commitment towards promoting gender diversity through its support of the #JamaisSansElles association. The “Never without her” charter now permanently commits the company’s top management into ensuring there is always female representation at public events. This would include any media event, debates and panels alongside a broad range of influential activities involving Société Générale. The French firm employs approximately 133,000 ...
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American International Group (AIG), a BSCC Patron member, last month reported improved net investment income in each of its segments as the total net investment income delivered 46% YoY growth to a value of $3.7bn. Figures from the Quarter also revealed cash levels of $2.8bn (down 1.1% YoY) with the value of assets remaining consistent at $584.4bn (down 0.4% YoY) during what has been a globally challenging period. Overall, AIG maintains ...
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