A recent analysis on the impact of Brexit suggests that in 2023, the United Kingdom's economy was 2.5 percent smaller than it would have been in a base scenario where the UK never left the EU. The estimated hit to the UK's gross domestic product (GDP) increases to three percent in 2024, and to 3.2 percent by 2025 in this forecast. UK economy starts 2024 strongly As of March 2024, the UK economy is approximately 2.6 percent larger than it was just before the COVID-19 pandemic, which delivered a sudden and severe economic shock to the country in early 2020. While the initial bounce back from this collapse was robust, the recovery slowed by the end of 2020, and it wasn't until late 2021 that the economy returned to its pre-pandemic size. Throughout 2022 and 2023, the economy continued to struggle, and even experienced a recession at the end of 2023. In the first quarter of 2024, however, the UK economy grew by 0.6 percent, the fastest quarterly growth since late 2021, and a potential sign that the UK economy has turned a corner. How voters feel about Brexit in 2024 Since the middle of 2021, a growing majority of voters in Britain have advised that they think Brexit was the wrong decision. As of May 2024, around 55 percent thought it was wrong to leave the EU, compared with just 43 percent in April 2021. By comparison, the share of Britons who think Brexit was the right decision has fallen from 46 percent to 31 percent in the same time period. Voters are, however, still quite divided on what relationship they want with the EU, with only 31 percent supporting rejoining completely. Furthermore, Brexit has fallen behind other issues for voters such as the economy, the NHS, and immigration and will play a much smaller role in the 2024 election than it did in 2019.

Across the United States, the United Kingdom, Germany, and the European Union, gross domestic products (GDP) decreased in 2020 as a result of the COVID-19 pandemic. However, by 2021, growth rates were positive in all four areas again. The United Kingdom, Germany, and the European Union all experiencing slow economic growth in 2023 amid high inflation, with Germany even seeing an economic recession. GDP and its components GDP refers to the total market value of all goods and services that are produced within a country per year. It is composed of government spending, consumption, business investments and net exports. It is an important indicator to measure the economic strength of a country. Economists rely on a variety of factors when predicting future performance of the GDP. Inflation rate is one of the economic indicators providing insight into the future behavior of households, which make up a significant proportion of GDP. Projections are based on the past performance of such information. Future considerations Some factors can be more easily predicted than others. For example, projections of the annual inflation rate of the United States are easy to come by. However, the intensity and impact of something like Brexit is difficult to predict. Moreover, the occurrence and impact of events such as the COVID-19 pandemic and Russia's war in Ukraine is difficult to foresee. Hence, actual GDP growth may be higher or lower than the original estimates.

As of January 31, 2020, the United Kingdom (UK) is no longer a member of the European Union (EU). The UK left the EU without a trade deal, and has until the end of 2020 to determine the new framework of its trade relations with the EU. This means either a free trade agreement (FTA) will need to be struck between the two parties, or the UK will fall back on trading under the World Trade Organisation (WTO) rules. According to a study on the possible impact of these scenarios on GDP growth in the UK, after the transition period ends by the beginning of 2021, trading under WTO terms will lead to a decline of 4.9 percent in UK GDP. Relative to this rate, if the UK trade with the EU under a FTA, the GDP is forecast to improve by 3 percent.

The economy of the United Kingdom shrank by 0.1 percent in January 2025, after growing by 0.4 percent in December. As of the most recent month, the UK economy is around 3.4 percent larger than it was in February 2020, just before the start of COVID-19 lockdowns. After a record 19.6 percent decline in GDP in April 2020, the UK economy quickly returned to growth in the following months, and grew through most of 2021. Cost of living crisis lingers into 2025 As of December 2024, just over half of people in the UK reported that their cost of living was higher than it was in the previous month. Although this is a decline from the peak of the crisis in 2022 when over 90 percent of people reported a higher cost of living, households are evidently still under severe pressure. While wage growth has outpaced inflation since July 2023, overall consumer prices were 20 percent higher in late 2024 than they were in late 2021. For food and energy, which lower income households spend more on, late 2024 prices were almost 30 percent higher when compared with late 2021. According to recent estimates, living standards, as measured by changes in disposable income fell by 2.1 percent in 2022/23, but did start to grow again in 2023/24. Late 2023 recession followed by growth in 2024 In December 2023, the UK economy was approximately the same size as it was a year earlier, and struggled to achieve modest growth throughout that year. Going into 2023, a surge in energy costs, as well as high interest rates, created an unfavorable environment for UK consumers and businesses. The inflationary pressures that drove these problems did start to subside, however, with inflation falling to 3.9 percent in November 2023, down from a peak of 11.1 percent in October 2022. Although relatively strong economic growth occurred in the first half of 2024, with GDP growing by 0.7 percent, and 0.4 percent in the first two quarters of the year, zero growth was reported in the third quarter of the year. Long-term issues, such as low business investment, weak productivity growth, and regional inequality, will likely continue to hamper the economy going forward.

The Gross Domestic Product (GDP) in the United Kingdom was worth 3380.85 billion US dollars in 2023, according to official data from the World Bank. The GDP value of the United Kingdom represents 3.21 percent of the world economy. This dataset provides the latest reported value for - United Kingdom GDP - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The economy of the United Kingdom grew by 0.4 percent in December 2024, after growing by 0.1 percent in November. As of the most recent month, the UK economy is around 3.5 percent larger than it was in February 2020, just before the start of COVID-19 lockdowns. After a record 19.6 percent decline in GDP in April 2020, the UK economy quickly returned to growth in the following months, and grew through most of 2021. Cost of living crisis lingers into 2025 As of December 2024, just over half of people in the UK reported that their cost of living was higher than it was in the previous month. Although this is a decline from the peak of the crisis in 2022 when over 90 percent of people reported a higher cost of living, households are evidently still under severe pressure. While wage growth has outpaced inflation since July 2023, overall consumer prices were 20 percent higher in late 2024 than they were in late 2021. For food and energy, which lower income households spend more on, late 2024 prices were almost 30 percent higher when compared with late 2021. According to recent estimates, living standards, as measured by changes in disposable income fell by 2.1 percent in 2022/23, but did start to grow again in 2023/24. Late 2023 recession followed by growth in 2024 In December 2023, the UK economy was approximately the same size as it was a year earlier, and struggled to achieve modest growth throughout that year. Going into 2023, a surge in energy costs, as well as high interest rates, created an unfavorable environment for UK consumers and businesses. The inflationary pressures that drove these problems did start to subside, however, with inflation falling to 3.9 percent in November 2023, down from a peak of 11.1 percent in October 2022. Although relatively strong economic growth occurred in the first half of 2024, with GDP growing by 0.7 percent, and 0.4 percent in the first two quarters of the year, zero growth was reported in the third quarter of the year. Long-term issues, such as low business investment, weak productivity growth, and regional inequality, will likely continue to hamper the economy going forward.

The economic landscape of the United Kingdom has been significantly shaped by the intertwined issues of Brexit, COVID-19, and their interconnected impacts. Despite the country’s robust and diverse economy, the disruptions caused by Brexit and the COVID-19 pandemic have created uncertainty and upheaval for both businesses and individuals. Recognizing the magnitude of these challenges, academic literature has directed its attention toward conducting immediate research in this crucial area. This study sets out to investigate key economic factors that have influenced various sectors of the UK economy and have broader economic implications within the context of Brexit and COVID-19. The factors under scrutiny include the unemployment rate, GDP index, earnings, and trade. To accomplish this, a range of data analysis tools and techniques were employed, including the Box-Jenkins method, neural network modeling, Google Trend analysis, and Twitter-sentiment analysis. The analysis encompassed different periods: pre-Brexit (2011-2016), Brexit (2016-2020), the COVID-19 period, and post-Brexit (2020-2021). The findings of the analysis offer intriguing insights spanning the past decade. For instance, the unemployment rate displayed a downward trend until 2020 but experienced a spike in 2021, persisting for a six-month period. Meanwhile, total earnings per week exhibited a gradual increase over time, and the GDP index demonstrated an upward trajectory until 2020 but declined during the COVID-19 period. Notably, trade experienced the most significant decline following both Brexit and the COVID-19 pandemic. Furthermore, the impact of these events exhibited variations across the UK’s four regions and twelve industries. Wales and Northern Ireland emerged as the regions most affected by Brexit and COVID-19, with industries such as accommodation, construction, and wholesale trade particularly impacted in terms of earnings and employment levels. Conversely, industries such as finance, science, and health demonstrated an increased contribution to the UK’s total GDP in the post-Brexit period, indicating some positive outcomes. It is worth highlighting that the impact of these economic factors was more pronounced on men than on women. Among all the variables analyzed, trade suffered the most severe consequences in the UK. By early 2021, the macroeconomic situation in the country was characterized by a simple dynamic: economic demand rebounded at a faster pace than supply, leading to shortages, bottlenecks, and inflation. The findings of this research carry significant value for the UK government and businesses, empowering them to adapt and innovate based on forecasts to navigate the challenges posed by Brexit and COVID-19. By doing so, they can promote long-term economic growth and effectively address the disruptions caused by these interrelated issues.

The statistic shows the growth rate in the real GDP in the United Kingdom from 2019 to 2023, with projections up until 2029. In 2023, the rate of GDP growth in the United Kingdom was at around 0.34 percent compared to the previous year.The economy of the United KingdomGDP is used an indicator as to the shape of a national economy. It is one of the most regularly called upon measurements regarding the economic fitness of a country. GDP is the total market value of all final goods and services that have been produced in a country within a given period of time, usually a year. Inflation adjusted real GDP figures serve as an even more telling indication of a country’s economic state in that they act as a more reliable and clear tool as to a nation’s economic health. The gross domestic product (GDP) growth rate in the United Kingdom has started to level in recent years after taking a huge body blow in the financial collapse of 2008. The UK managed to rise from the state of dark desperation it was in between 2009 and 2010, from -3.97 to 1.8 percent. The country suffered acutely from the collapse of the banking industry, raising a number of questions within the UK with regards to the country’s heavy reliance on revenues coming from London's financial sector, arguably the most important in the world and one of the globe’s financial command centers. Since the collapse of the post-war consensus and the rise of Thatcherism, the United Kingdom has been swept along in a wave of individualism - collective ideals have been abandoned and the mass privatisation of the heavy industries was unveiled - opening them up to market competition and shifting the economic focus to that of service.The Big Bang policy, one of the cornerstones of the Thatcher government programs of reform, involved mass and sudden deregulation of financial markets. This led to huge changes in the way the financial markets in London work, and saw the many old firms being absorbed by big banks. This, one could argue, strengthened the UK financial sector greatly and while frivolous and dangerous practices brought the sector into great disrepute, the city of London alone brings in around one fifth of the countries national income making it a very prominent contributor to wealth in the UK.

This statistic shows the predicted effect of the “Brexit“ on the Gross Domestic Product (GDP) of the United Kingdom (UK) in 2030, the results are sorted by scenario. The data suggests that the Brexit will have a negative impact on GDP by an minimum of 2.72 percentage points by 2030.

The main aim of this work is to develop a set of high level macro economic scenarios for the medium-term (to the end of 2022) and for the long-term (to 2030) in order to inform the development of recovery strategies in London, reflecting unprecedented uncertainty on the economic outlook.

The primary scenario dimensions include Effectiveness/nature of public health response and Effectiveness/impact of economic support measures. Other scenario dimensions include: Brexit and migration; International economic context; Technology and innovation; Financial climate; Political economy; Economic Geography and GHG emissions.

This is an agile project - GLA Economics will continue to track actual data in order to review the assessment of the likelihood of alternative scenario outcomes. Successive updates will be released when they become available for the benefit of external stakeholders in tackling the COVID-19 crisis.

This project uses interview data to investigate the implications, implementation and consequences of Brexit for UK universities, including the effects in relation to migration, international education and financial sustainability. The generic research questions are: 1) What are the perceived implications of Brexit for UK universities as leaders and others see it? 2) What are the principal responses of universities and what are their capabilities to monitor, judge, strategies, respond, initiate and make internal changes, in relation to Brexit? 3) How do these factors vary by UK nation; university mission, status, resources; and discipline? The dataset includes 124 semi-structured transcripts of semi-structured interviews conducted between November 2017 to September 2018. Participants were from 12 universities in the UK. This project is part of the ESRC’s 'The UK in a Changing Europe' initiative which supports research into the relationship between the UK and the European Union (EU).UK universities are extensively engaged in Europe, in collaborative research and infrastructure and through EU citizen staff and students. The UK’s departure from the EU has many potential consequences for UK universities and their staffing, research, international education and financial sustainability.

Brexit is an unprecedented development with implications in almost every domain of UK higher education (HE) and a range of possible forms and consequences for individual UK HEIs, with marked potential for differential effects (e.g. in research capability, international students, staffing, mission, income) across the variation of HEI types. Though Brexit has many possible forms, in any form it is likely to disrupt existing projects, networks and activities, and could imply sharp reductions in staff, students and/or income, in some or all HEIs. It also calls for new and innovative lines of institutional and discipline-based development on and off shore.In an uncertain and fast changing setting characterised by multiple possibilities and sudden shocks, HEIs will be required to monitor, respond, adjust, strategize, reorient and initiate with unprecedented speed and effectiveness; to build new relations and activity portfolios in Europe and beyond; and to grapple with new challenges to human resource management, risk management, financial sustainability, mission, governance and local implementation systems. This research investigates the policy implications, implementation and consequences of Brexit for UK HE, in two priority areas identified by the Economic and Social Research Council: implications of Brexit for migration, and impacts in the economy and future trade arrangements. UK higher education institutions (HEIs) are extensively engaged in Europe and in this sector EU relations have been unambiguously positive and productive. While there is a range of possible Brexit scenarios, UK HE is closely affected by the Brexit-related policy settings for staff mobility, retention and recruitment ('migration'); for international student policy and regulation, with consequences for tuition revenues and balance sheets ('trade'); and by the effects of Brexit in research relations between UK and European HEIs. Research papers co-authored with colleagues in Europe outweigh total papers co-authored with US and other English-speaking countries, more than 20 per cent of UK R&D funding is from international sources with much from collaborative European research schemes. The role of UK universities in Europe is central to their outstanding global research performance: UK accounts for 3.2 per cent of global R&D spending, 9.5 per cent of scientific papers downloaded, 11.6 per cent of citations, and 15.9 per cent of the most highly-cited papers. EU frameworks enable many UK researchers to lead, while sharing the best ideas and people from other EU member countries. The research capacity and reputation of UK HEIs also underpins the nation's role as the world's second largest exporter of international education after the US. The government has stated that it hopes to raise education exports by almost 50 per cent to 30 billion pa in 2020. The main data collection consists of qualitative case studies in 12 UK HEIs, with participating institutions selected from all four nations and illustrating the diversity of the sector. There are 127 semi-structured interviews, with senior academic leaders of HEIs, chief financial officers, heads of human resources, executive deans in three disciplines (health, science, social science), research professors from these disciplines, and student representatives. The project also conducted policy-oriented seminars which will have both data gathering and dissemination/public discussion purposes. The practical outcomes of the research are (a) through research, public events and briefings, to draw to the attention of policy makers and public the implications of different Brexit scenarios in higher education, (b) within...

UK Capital Market size was valued at USD XX Billion in 2024 and is projected to reach USD XX Billion by 2032, growing at a CAGR of XX % from 2026 to 2032.

The UK capital market is driven by a strong financial infrastructure, regulatory stability, and London’s status as a global financial hub. Growing foreign investments, fintech innovations, and sustainable finance initiatives further boost market activity.

Rising demand for IPOs, green bonds, and private equity funding fuels capital flow. Post-Brexit policies, government incentives, and a resilient economy attract both domestic and international investors.

Economic development is interregional in nature, with economic growth being determined by physical and technological proximity identified by interregional and national cross-border interactions in trade, investments, and knowledge. This report explains the construction of a system of multiregional input-output tables for the EU28 interlinked with trade in goods and services within the same country as well as with regions in other Member States. Taking transhipment locations into account, trade in goods and services is derived from freight transport data, airline data on flights, and business travel data. The methodology is centred on the probability of trade flows and was developed to fit the information available without pre-imposing any geographical structure on the data.

The Economic Impacts of Brexit on the UK, its Sectors, its Cities and its Regions What are the economic impacts of Brexit on the UK's sectors, regions and cities? The findings from our recent research suggest that the UK's cities and regions which voted for Brexit are also the most economically dependent on EU markets for their prosperity and viability. This is a result of their differing sectoral and trade composition. Different impacts are likely for different sectors, and also different impacts are likely between sectors, and these relationships also differ across the country's regions. Some sectors, some regions and some cities will be more sensitive and susceptible to any changes in UK-EU trade relations which may arise from Brexit than others and their long-run competiveness positions will be less robust and more vulnerable than others. This suggests that these sectoral and regional differences need to be very carefully taken into account in the context of the national UK-EU negotiations in order for the post-Brexit agreements to be politically, socially as well as economically sustainable across the country. This project aims to examine in detail the likely impacts of Brexit on the UK's sectors, regions and cities by using the most detailed regional-national-international trade and competition datasets currently available anywhere in the world (and the people who built these data). These two datasets, are the 2016 WIOD World Input-Output Database and the 2016 UK Interregional Trade Datasets developed respectively by the University of Groningen and by the PBL Netherlands Environmental Assessment Agency. WIOD covers 43 countries, 56 sectors and 15 years of trade-GDP-demand relationships, while the EU Interregional Tables covers 59 sectors and 240 EU regions. The quantitative research will allow us to understand the role in shaping UK regional trade behaviour which is played by global value-chains, whereby goods and services crisscross borders multiple times before being finally consumed by household and firms. The UK is heavily integrated with the rest of the EU via such global value-chains and reshaping the future post-Brexit UK trade arrangements with the EU will also involve reconfiguring these global value-chains. Our data allows us to examine the impacts of different trade scenarios and to map out the sensitivity of UK sectors and regions to different post-Brexit scenarios. Brexit will also reshape the national and international competiveness rankings of the UK regions and again our data allows us to examine the likely long run changes which will arise. At the same time, these changes will also all have profound implications for the design and governance of UK city and regional development policy logic and settings. However, the withdrawal of EU Cohesion Funds, alongside changing UK-EU trade relationships means that both the economic and the public policy environment facing local regions will shift significantly. The ongoing UK devolution agenda at the level of both the three devolved national administrations as well as the English city-regions will be heavily affected by the changing external environment and our project will identify the governance, policy and institutional options which key stakeholders perceive to offer the greatest possibilities for adjusting to the new realities. Our quantitative research will therefore also be undertaken in parallel with qualitative research based on key stakeholder engagement sessions. Participatory workshops with city, regional and national stakeholders will be organised in order to develop alternative post-Brexit scenarios for empirical analysis as perceived by the city and regional as well as national institutions. The mix of quantitative and qualitative approaches will allow us to identity the impacts of Brexit at the crucial meso-levels of the individual sectors, the individual cities and the individual regions.

The UK Arts Promoter Market, valued at XX million in 2025, is projected to expand at a CAGR of 7.00% from 2026 to 2033. The market's growth can be attributed to various drivers, including the increasing demand for live entertainment, the growing popularity of the arts among millennials, and the government's support for cultural initiatives. Key trends shaping the market include the rise of online ticketing platforms, the increasing use of social media to promote events, and the growing popularity of experiential marketing campaigns. However, the market's growth is restrained by factors such as the high cost of producing live events, the competition from other forms of entertainment, and the uncertainty surrounding the COVID-19 pandemic. The market is segmented based on production analysis, consumption analysis, import market analysis, export market analysis, and price trend analysis. Key companies operating in the market include David Wade, Quite Great, and Philip Mould. Recent developments include: In June 2023, Sulivan Sweetland merged with Maestro Arts. With this merger Sulivan Sweetland's team and artists came under the banner of Maestro Arts, creating a company of 20 based in the West Wing of Somerset House. Maestro Arts is an interdisciplinary agency providing strategic and comprehensive career management to an array of elite international artists., In August 2023, Sotheby's, the historic auction house owned by French billionaire Patrick Drahi, reported a significant decline in profits due to Brexit red tape. In 2022, their profits dropped to USD 88 million from USD 318 million in the previous year, representing a decrease of almost 75%. This decline was attributed to the challenges and complications brought about by Brexit.. Key drivers for this market are: United Kingdom Exists with the Finest Artist form with Global demand., Increase in Number of Art promotion and exhibition events.. Potential restraints include: Increase in regulation and taxation structure post Brexit., Steep Rise in UK Inflation Rate post covid. Notable trends are: Rising Share of Online Sales in Art Market.

UK Biopesticides Market size was valued at USD 239.65 Million in 2023 and is projected to reach USD 767.75 Million by 2031 growing at a CAGR of 13.8% from 2024 to 2031.

Key Market Drivers:

Growing Organic Farming Adoption: The growing use of organic farming in the UK is driving up demand for biopesticides that meet organic certification standards. In 2022, organic land area in the UK increasing by 3.6% to 507,000 hectares, while the number of organic producers increasing by 12%, further boosting the biopesticide market.

Stringent Regulations on Chemical Pesticides: Post-Brexit rules in the UK are encouraging farmers to employ biopesticides, as the government aims to reduce chemical pesticide use by 50% by 2030. Since 2018, the Health and Safety Executive (HSE) has prohibited or limited over 70 pesticide chemicals, resulting in a shift toward biological alternatives.

This project collected survey and interview data to study Eurochildren, their families and their experience and responses to Brexit. The project aims to portray the emergence of a new politics of belonging, which reconfigures discursively and legally who belongs to a post-EU Britain. It also aims to establish a baseline for future research on migration and settlement decision making in families with EU27 nationals following the formal exit of the European Union.

The UK has been a member of the European Union for 40 years. Throughout that time there has been intermingling of people and institutions which can be most clearly seen in the growing number of bi- and mixed-nationality EU families in the UK and their children, many of whom born in the UK and holding a British passport. This is a growing, and yet understudied and underreported, segment of the British society. In a post-EU referendum context, where the rhetoric about curbing EU immigration has permeated political, media, and popular discourses, producing a stark 'us and them' narrative, the question left unasked and unanswered is what are the human and emotional costs of this abrupt geopolitical shift if 'us and them' are the same? Through the study of Eurochildren and their families and their experience and responses to Brexit, the project aims to portrait the emergence of a new politics of belonging which reconfigures discursively and legally who belong to a post-EU Britain and establish a baseline for future research on migration and settlement decision making in families with EU27 nationals following the formal exit of the European Union. In order to do so, it will: 1) Profile and map the population of UK- and EU-born children of EU nationals in the UK and examine, at the aggregate level, different types of EU families and measure their socio-economic inclusion into British society. 2) Investigate how families with at least one EU27 member experience and respond to the process of exiting from the European Union and identify factors that shape such responses. 3) Examine the impact of the EU referendum and its aftermath on different age cohorts of UK-born Eurochildren, examining in particular how they articulate their sense of belonging and attitudes vis-a-vis the UK and the EU. With a team comprising academic experts in the fields of migration and integration, third sector collaborators and legal experts, and using a mixed methods approach, this project provide an empirically-rich and in-depth account of how EU families, often including both UK and EU passport holders and members with dual citizenship, experience and plan to respond to Brexit, a baseline from which to further analyse the process family migration decision making following the formal exit from the EU. The project involves three interconnected work packages (WP). WP1, which is of a quantitative nature, will analyse historical Census and Live Birth data in order to profile and geographically map EU families and their children. Different configurations of EU families, based on their demographic, geographical, and inclusion circumstances, will be established via this data and will inform the qualitative work in WP2 and 3 and our analysis of legal and policy implications of Brexit on this population. In WP2 focus groups and in-depth interviews will be conducted with EU families, as well as reflexive research, in order to explore questions of belonging within the context of the exit from the EU. In WP3, interview with UK-born adult Eurochildren and EU-born parents of Eurochildren will be conducted in order to bring to the fore the ways in which children experience migration decision-making and belonging. This mixed methods study will generate ground-breaking new data on EU families and their EU and UK-born children in the UK, contributing to the strategic, political and policy responses of UK and EU policy makers and to a more informed public debate on the consequences of Brexit on UK and EU citizens alike. The project includes a strategy set to maximise dissemination and impact. This will be done via: producing robust, composite and promptly accessible evidence (journal articles, blogs, briefings, media and online materials); engaging from the outset with a wide network of researchers, policy makers and practitioners; and using tailored dissemination channels to reach out to relevant audiences.

Since 1980, Europe's largest economies have consistently been France, Germany, Italy, Spain, and the United Kingdom, although the former Soviet Union's economy was the largest in the 1980s, and Russia's economy has been larger than Spain's since 2010. Since Soviet dissolution, Germany has always had the largest economy in Europe, while either France or the UK has had the second largest economy depending on the year. Italy's economy was of a relatively similar size to that of the UK and France until the mid 2000s when it started to diverge, resulting in a difference of approximately 800 billion U.S dollars by 2018. Russia's economy had overtaken both Italy and Spain's in 2012, but has fallen since 2014 due to the drop in international oil prices and the economic sanctions imposed for its annexation of Crimea - economic growth is expected to be comparatively low in Russia in the coming years due to the economic fallout of its invasion of Ukraine in 2022.

The size of the Compliance Carbon Credit Market was valued at USD 0.82 Million in 2023 and is projected to reach USD 2.16 Million by 2032, with an expected CAGR of 14.81% during the forecast period. The compliance carbon credit market is essential in the global initiative to mitigate greenhouse gas emissions, offering a structured approach for companies and nations to fulfill their regulatory requirements under climate policies. This market functions within cap-and-trade frameworks or carbon pricing systems established by governmental bodies and international accords, including the Paris Agreement. Entities that are subject to emission restrictions must either curtail their emissions or acquire carbon credits to offset any excess emissions. These credits signify verified reductions in greenhouse gases achieved through various projects, such as renewable energy developments, reforestation efforts, or methane capture technologies. The compliance carbon credit market has experienced substantial growth as an increasing number of regions adopt obligatory carbon pricing. Notable examples include the European Union Emissions Trading System (EU ETS) and California’s Cap-and-Trade Program, where industries are mandated to purchase credits to adhere to emission limits. This market creates a financial incentive for businesses to invest in cleaner technologies and practices, thereby encouraging innovation and contributing to a reduction in overall emissions. Nevertheless, the market encounters challenges, including the need for credible verification of carbon credits, the prevention of market manipulation, and the management of price fluctuations in carbon credits. Despite these challenges, the compliance carbon credit market continues to be a vital tool for achieving global climate objectives and advancing sustainable development. Recent developments include: April 2024: Regional efforts in the Western United States and Canada are gaining momentum as the urgency of combating climate change increases. Plans to link their carbon markets are being drawn up in California, Quebec, and Washington, which could significantly affect trading dynamics. The three authorities intend to work together to create a more extensive carbon credit market as soon as their proposed alliance takes effect., January 2024: The Commodity Futures Trading Commission (CFTC) issued proposed guidance on the listing of voluntary carbon credit (VCC) derivatives contracts on designated contract markets for the public to comment on the proposal.. Key drivers for this market are: Regulatory Mandates and Policies, Growing Corporate Sustainability Initiatives. Potential restraints include: Market Complexity and Uncertainty. Notable trends are: Charting the Course of Carbon Pricing: UK-ETS Post-Brexit.

Health-conscious consumers are driving seafood thanks to its low saturated fat and rich nutrient content. Despite recommendations for increased consumption, specialist seafood retailers face intense competition. Consumers have more choices than ever to buy seafood, as supermarkets and online retailers continue to broaden their selections and threaten seafood retailers continuously. Supermarkets attract consumers with convenient 'fish-monger' experiences and a broad selection of options, backed by strong buying power. This allows supermarkets to negotiate competitive prices with fisheries, preserving their profit margins. Over the five years through 2023-24, revenue is expected to inch upwards at a compound annual rate of 0.7%. In 2023-24, revenue is anticipated to climb 4.7% to £479.1 million, and profit is expected to hit 5.2%. For the time being, sales are expected to dip as consumers opt for more affordable seafood options or look for alternative sources of protein altogether. In the economic climate, retailers may see initial benefits in the cheaper frozen seafood sector and less expensive varieties such as farmed fish, compared to higher-priced wild-caught options.Top of Form

Over the five years through 2028-29, industry revenue is forecast to increase at a compound annual rate of 4.9% to reach £632.3 million. Demand for seafood will increase as the UK's health-conscious population seeks to reap the benefits of including it in their diet. Despite the positive news, government policies post-Brexit are poised to raise concerns upstream. Renegotiations under the EU-UK Trade and Cooperation Agreement have altered access to seafood. Fluctuating quotas and exchange rates may strain seafood retailers by increasing costs. Despite challenges, sustaining marine fishing through quota enforcement remains pivotal to ensuring seafood availability amid concerns over depleted fish populations.

The UK Spirit Production industry has continued to strive forward. Premium spirits, specifically whiskies, have seen an impressive surge in demand, with many distilleries focusing their production on these high-end creations. Revenue is expected to edge up at a compound annual rate of 0.6% over the five years through 2024-25 to £7.5 billion, including a forecast hike of 2.9% in 2024-25. Consumers have become increasingly willing to splurge on discretionary products like spirits as they seek out different flavour profiles. Sales of high-end spirits for cocktail-making have been amplified, which has fostered revenue growth. The industry remains highly competitive in the export market due to British producers' reputation for producing quality whisky. Moreover, eliminating tariffs on markets outside the EU post-Brexit, like the US, has diversified the spirits available in the UK and enhanced export opportunities. The industry has faced recent challenges that could hinder performance, as seen in the first quarter of 2024-25. Consumer confidence plunged as the Autumn Budget loomed. Moreover, the government's decision to increase spirit duty by an additional 3.75% from February 2025, following a 10.1% hike in August 2023, will raise costs for spirit producers. This will hit smaller spirit companies that don't have the brand loyalty needed to hike their prices in order to pass on increased costs. Larger, well-known companies and producers of premium spirits have been more resilient to the effects of higher duty, as reputable and premium spirits are more resilient to price increases. Revenue is projected to swell at a compound annual rate of 3% over the five years through 2029-30 to £8.7 billion. Continuing a recent trend, the biggest spirit producers are expected to seek to acquire up-and-coming spirit brands to capture more of the market, while new spirit companies will continue to set up shop. However, spirit producers will face challenges stemming from the growth of non-alcoholic spirits, which are becoming more popular among increasingly health-conscious consumers. International spirits will also threaten UK producers' revenue. In response, the bigger brands are leveraging their brand loyalty to keep revenue resilient and introducing their own non-alcoholic ranges. Premium spirits will remain a mainstay as more people opt for quality over quantity.