The rise of economic nationalism, driven in no small part by an increasingly populist agenda in many countries and regions across the globe, has combined with disruptions arising from the Covid-19 pandemic to herald predictions that we have reached the end of a prolonged period of globalisation, which has been the predominant global economic theme for much of the period since 1945. Commentators are now asserting that we have now entered a period of deglobalisation, namely the swift reshoring of production and the shortening of supply chains.
‘No ifs, no buts’ – our assessment of the latest Bank of England rate decision
The Bank of England’s Monetary Policy Committee (MPC) has voted to increase its Official Bank Rate by 0.50% to 1.75% – its highest rate since 2008. The Bank’s move was the biggest single increase since 1995, also marking the sixth consecutive rate hike since last December.