With the onset of the Global Financial Crisis in the late Summer of 2007, the United Kingdom was one of the first countries to experience financial panic after the United States. In September 2007, the bank Northern Rock became the UK's first bank to collapse in 150 years due to a bank run, as depositors reacted to the announcement that the bank would be seeking emergency liquidity support from the Bank of England by lining up outside their bank branches to withdraw money. The failure of Northern Rock was a bad omen for the UK economy and financial sector, as banks stopped lending to each other and to customers in what became known as the 'credit crunch'. Government bailouts, private bailouts By October 2008, many UK banks were facing a situation where if they did not receive external assistance, then they would have to default on their debts and likely have to declare bankruptcy. The UK's Labour government, led by Prime Minister Gordon Brown, announced that it would provide emergency funds to stabilize the banking system, leading to the part or full nationalization of some of Britain's largest financial firms. Specifically, Royal Bank of Scotland, Lloyds TSB, and HBOS received over 35 billion pounds in a government cash injection, while Barclays opted to seek investment from private investors in order to avoid nationalization, much of which came from the state of Qatar. The bailouts caused UK government debt ratios to almost double over the period of the crisis, while public trust in the financial system sank.

With the collapse of the U.S. housing market and the subsequent financial crisis on Wall Street in 2007 and 2008, economies across the globe began to enter into deep recessions. What had started out as a crisis centered on the United States quickly became global in nature, as it became apparent that not only had the economies of other advanced countries (grouped together as the G7) become intimately tied to the U.S. financial system, but that many of them had experienced housing and asset price bubbles similar to that in the U.S.. The United Kingdom had experienced a huge inflation of housing prices since the 1990s, while Eurozone members (such as Germany, France and Italy) had financial sectors which had become involved in reckless lending to economies on the periphery of the EU, such as Greece, Ireland and Portugal. Other countries, such as Japan, were hit heavily due their export-led growth models which suffered from the decline in international trade. Unemployment during the Great Recession As business and consumer confidence crashed, credit markets froze, and international trade contracted, the unemployment rate in the most advanced economies shot up. While four to five percent is generally considered to be a healthy unemployment rate, nearing full employment in the economy (when any remaining unemployment is not related to a lack of consumer demand), many of these countries experienced rates at least double that, with unemployment in the United States peaking at almost 10 percent in 2010. In large countries, unemployment rates of this level meant millions or tens of millions of people being out of work, which led to political pressures to stimulate economies and create jobs. By 2012, many of these countries were seeing declining unemployment rates, however, in France and Italy rates of joblessness continued to increase as the Euro crisis took hold. These countries suffered from having a monetary policy which was too tight for their economies (due to the ECB controlling interest rates) and fiscal policy which was constrained by EU debt rules. Left with the option of deregulating their labor markets and pursuing austerity policies, their unemployment rates remained over 10 percent well into the 2010s. Differences in labor markets The differences in unemployment rates at the peak of the crisis (2009-2010) reflect not only the differences in how economies were affected by the downturn, but also the differing labor market institutions and programs in the various countries. Countries with more 'liberalized' labor markets, such as the United States and United Kingdom experienced sharp jumps in their unemployment rate due to the ease at which employers can lay off workers in these countries. When the crisis subsided in these countries, however, their unemployment rates quickly began to drop below those of the other countries, due to their more dynamic labor markets which make it easier to hire workers when the economy is doing well. On the other hand, countries with more 'coordinated' labor market institutions, such as Germany and Japan, experiences lower rates of unemployment during the crisis, as programs such as short-time work, job sharing, and wage restraint agreements were used to keep workers in their jobs. While these countries are less likely to experience spikes in unemployment during crises, the highly regulated nature of their labor markets mean that they are slower to add jobs during periods of economic prosperity.

The growing trend of interdependence between the international stock markets indicated the amalgamation of risk across borders that plays a significant role in portfolio diversification by selecting different assets from the financial markets and is also helpful for making extensive economic policy for the economies. By applying different methodologies, this study undertakes the volatility analysis of the emerging and OECD economies and analyzes the co-movement pattern between them. Moreover, with that motive, using the wavelet approach, we provide strong evidence of the short and long-run risk transfer over different time domains from Malaysia to its trading partners. Our findings show that during the Asian financial crisis (1997–98), Malaysia had short- and long-term relationships with China, Germany, Japan, Singapore, the UK, and Indonesia due to both high and low-frequency domains. Meanwhile, after the Global financial crisis (2008–09), it is being observed that Malaysia has long-term and short-term synchronization with emerging (China, India, Indonesia), OECD (Germany, France, USA, UK, Japan, Singapore) stock markets but Pakistan has the low level of co-movement with Malaysian stock market during the global financial crisis (2008–09). Moreover, it is being seen that Malaysia has short-term at both high and low-frequency co-movement with all the emerging and OECD economies except Japan, Singapore, and Indonesia during the COVID-19 period (2020–21). Japan, Singapore, and Indonesia have long-term synchronization relationships with the Malaysian stock market at high and low frequencies during COVID-19. While in a leading-lagging relationship, Malaysia’s stock market risk has both leading and lagging behavior with its trading partners’ stock market risk in the selected period; this behavior changes based on the different trade and investment flow factors. Moreover, DCC-GARCH findings shows that Malaysian market has both short term and long-term synchronization with trading partners except USA. Conspicuously, the integration pattern seems that the cooperation development between stock markets matters rather than the regional proximity in driving the cointegration. The study findings have significant implications for investors, governments, and policymakers around the globe.

The gross domestic product of the United Kingdom was around 2.56 trillion British pounds, an increase when compared to the previous year, when UK GDP amounted to about 2.54 trillion pounds. The significant drop in GDP visible in 2020 was due to the COVID-19 pandemic, with the smaller declines in 2008 and 2009 because of the global financial crisis of the late 2000s. Low growth problem in the UK Despite growing by 0.9 percent in 2024, and 0.4 percent in 2023 the UK economy is not that much larger than it was before the COVID-19 pandemic. Since recovering from a huge fall in GDP in the second quarter of 2020, the UK economy has alternated between periods of contraction and low growth, with the UK even in a recession at the end of 2023. While economic growth picked up somewhat in 2024, GDP per capita is lower than it was in 2022, following two years of negative growth. UK's global share of GDP falling As of 2024, the UK had the sixth-largest economy in the world, behind the United States, China, Japan, Germany, and India. Among European nations, this meant that the UK currently has the second-largest economy in Europe, although the economy of France, Europe's third-largest economy, is of a similar size. The UK's global economic ranking will likely fall in the coming years, however, with the UK's share of global GDP expected to fall from 2.16 percent in 2025 to 2.02 percent by 2029.  

This corpus is part of my PhD project entitled 'Constrained Partisanship: A Comparative Study of Policy Choices and Party Discourses in the British and Spanish Crisis Experiences (2008-2014)'. The dataset contains transcripts of 45 speeches and parliamentary interventions on macroeconomic policy from government leaders in Spain and the United Kingdom between 2008 and 2014. This bilingual corpus (in English and Spanish) has been manually compiled from publicly available sources: websites of national parliaments, official government sites, research databases and party websites. All documents are available in open file format.

The corpus as a whole is shared under a CC BY licence but the dataset contains individual publicly available political speeches that are released under their own licences and have their own copyright holders. If reusing any of the individual political speeches then please refer to the original source and licence information as outlined in the file 'PIQUER_Corpus description.csv', paying particular attention to the information in the following columns: 'Original source' and 'Licence'.

One of the major duties the Bank of England (BoE) is tasked with is keeping inflation rates low and stable. The usual tactic for keeping inflation rates down, and therefore the price of goods and services stable by the Bank of England is through lowering the Bank Rate. Such a measure was used in 2008 during the global recession when the BoE lowered the bank base rate from **** percent to *** percent. Due to the economic fears surrounding the COVID-19 virus, as of the 19th of March 2020, the bank base rate was set to its lowest ever standing. The issue with lowering interest rates is that there is an end limit as to how low they can go. Quantitative easing Quantitative easing is a measure that central banks can use to inject money into the economy to hopefully boost spending and investment. Quantitative easing is the creation of digital money in order to purchase government bonds. By purchasing large amounts of government bonds, the interest rates on those bonds lower. This in turn means that the interest rates offered on loans for the purchasing of mortgages or business loans also lowers, encouraging spending and stimulating the economy. Large enterprises jump at the opportunity After the initial stimulus of *** billion British pounds through quantitative easing in March 2020, the Bank of England announced in June that they would increase the amount by a further 100 billion British pounds. In March of 2020, the headline flow of borrowing by non-financial industries including construction, transport, real estate and the manufacturing sectors increased significantly.

Supplementary information files for the article Emerging stock market volatility and economic fundamentals: the importance of US uncertainty spillovers, financial and health crises

Abstract: This paper studies the US and global economic fundamentals that exacerbate emerging stock markets volatility and can be considered as systemic risk factors increasing financial stability vulnerabilities. We apply the bivariate HEAVY system of daily and intra-daily volatility equations enriched with powers, leverage, and macro-effects that improve its forecasting accuracy significantly. Our macro-augmented asymmetric power HEAVY model estimates the inflammatory effect of US uncertainty and infectious disease news impact on equities alongside global credit and commodity factors on emerging stock index realized volatility. Our study further demonstrates the power of the economic uncertainty channel, showing that higher US policy uncertainty levels increase the leverage effects and the impact from the common macro-financial proxies on emerging markets’ financial volatility. Lastly, we provide evidence on the crucial role of both financial and health crisis events (the 2008 global financial turmoil and the recent Covid-19 pandemic) in raising markets’ turbulence and amplifying the volatility macro-drivers impact, as well.

In the short term, the impact of COVID-19 on consumer financial services will be analogous to the global financial crisis of 2008-09, creating a period of economic paralysis and leaving a massive hole in banks’ balance sheets. Read More

There were over 34 million people employed in the United Kingdom in the three months to April 2025. In general, the number of people employed has consistently increased, with noticeable dips in employment occurring in 2008 due to the global financial crisis, and in 2020 due to the COVID-19 pandemic. Labor market hot streak in 2022 Although there was a sharp increase in the UK's unemployment rate in the aftermath of COVID-19, the UK labor market bounced back forcefully after this sudden shock. By the middle of 2022, the UK's unemployment rate had recovered to pre-pandemic levels, while the number of job vacancies in the UK reached record highs. Wage growth was, by this point, growing at a much slower rate than inflation, which peaked at 11.1 percent in October 2022. In the two years since this peak, the UK labor market has cooled slightly; with unemployment reaching 4.4 percent by December 2024, and the number of job vacancies falling to the lowest figures since May 2021. Characteristics of UK workers As of 2024, the majority of UK workers were working in the private sector, at over 27.6 million workers. In the same year the size of the UK's public sector workforce stood at approximately 6.1 million, with over two million of these people working for the UK's National Health Service (NHS), and a further 1.66 million in the public education sector. In the UK's private sector, the industry sector which employed the most people was wholesale and retail, which had a workforce of over 4.9 million people, followed by administrative and support service roles at around 3.1 million.

Economic crisis management has concerned governments and other responsible authorities from 2008. Yet crises are complex and subject to many attempts to interpret and explain them, to identify causes, attribute responsibility, assess their scale, scope, and significance, the need for minor changes or major reforms, and translate proposed solutions into feasible policies. This trans-disciplinary research project focuses on the complex and multi-faceted economic crisis that became evident in 2007 and will explore these issues through to 2011. Its key research questions are:

have accounts of the 'crisis' changed from 2007 and which interpretations have become dominant; do the main varieties of capitalism have different forms of crisis within this context and/or do they favour different interpretations and solutions; what new approaches to crisis-management have been proposed and how are they evaluated; have crisis dynamics prompted new forms of multi-level governance and meta-governance.

Different literatures and methodologies are used to answer these questions, respectively: corpus linguistics and critical discourse analysis; actor-centred institutional analysis of varieties of capitalism and their place in the world market; studies of governance and governmentality; and studies on the EU's open method of coordination as sources of insight into global crisis-management. Further information CPECM contact: Prof Robert Jessop

Email: r.jessop@lancaster.ac.uk

ESRC contact: Rachael Tyrrell

Email:rachael.tyrrell@esrc.ac.uk Telephone: 01793 444518

Cultural Political Economy Research Centre website: http://www.lancs.ac.uk/cperc/index.htm

The statistic shows the unemployment rate in the United Kingdom from 1999 to 2023. The UK's unemployment rate decreased to 3.98 percent in 2023. Unemployment and the economy of the United Kingdom The global financial crisis of 2008 left many nations with high inflation and increasing unemployment rates. The United Kingdom, however, has attempted and successfully lowered the unemployment rate since 2009. The UK is a member of the Commonwealth of Nations, the Council of Europe, the G7, the G8, the G20, NATO, and World Trade Organization. It is therefore one of the biggest and most important economic powers in the world. It consists of England, Scotland, Wales and Northern Ireland, and in 2014, the UK population amounted to over 64 million people. The same year, it reported the sixth largest gross domestic product in the world, reaching more than 2.8 billion U.S. dollars - and with a prospering economy, its GDP is on the upswing: It is estimated that the GDP in the United Kingdom will grow by approximately 3 percent in 2015 in comparison to the previous year. Regarding unemployment, the UK has never been "typically European". Europe's unemployment rate has been relatively high in comparison to other world regions; the unemployment rate in developed countries and the European Union in 2014 was around 7.8 percent. Meanwhile, the global unemployment rate in 2014 was an estimated 5.9 percent. Despite reporting the third highest unemployment rate in major industrial and emerging countries, behind France and India, the unemployment rate in the United Kingdom is much lower than the European Union rate.

In the wake of the 2008 financial crisis, macroeconomic policy returned to the political agenda, and the influence of Keynesian ideas about fiscal stimulus rose (and then fell) in expert circles. Much less is known, however, about whether and when Keynesian prescriptions for countercyclical spending have any support among the general public. We use a survey experiment, fielded twice, to recover the extent to which UK respondents hold such countercyclical attitudes. Our results indicate that public opinion was countercyclical -- Keynesian -- in 2016. We then use Eurobarometer data to estimate the same basic parameter for the population for the period 2010-2017. The observational results validate our experimental findings for the later period, but also provide evidence that the UK population held procyclical views at the start of the period. Thus, there appear to be important dynamics in public opinion on a key macroeconomic policy issue.

COVID-19 is an economic shock analogous to the global financial crisis. Now, as then, there will be short-term changes as life, industry, and people adjust, but also more long-term structural changes that will live on long after COVID-19 has passed. This presents opportunities for decisive banks to right-size branch networks, optimize the digital experience, and establish sustainability credentials, thus emerging in a stronger position. But many banks will have been blindsided by this issue, which is evolving in fast and unpredictable ways. As in 2008, banks risk being immobilized by uncertainty, or getting caught in constant firefights that prevent a more considered, strategic response. And the costs of any missteps will be much higher than in 2008, as a variety of banking alternatives – including new digital banks, telcos, and tech companies – are poised and ready to grab market share. Read More

U.K. gdp growth rate for 2023 was 0.34%, a 4.5% decline from 2022.

<ul style='margin-top:20px;'>

<li>U.K. gdp growth rate for 2022 was <strong>4.84%</strong>, a <strong>3.74% decline</strong> from 2021.</li>
<li>U.K. gdp growth rate for 2021 was <strong>8.58%</strong>, a <strong>18.87% increase</strong> from 2020.</li>
<li>U.K. gdp growth rate for 2020 was <strong>-10.30%</strong>, a <strong>11.92% decline</strong> from 2019.</li>
</ul>Annual percentage growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.

Investment trusts have experienced strong revenue volatility recently, driven by rapidly changing global market conditions. The COVID-19 outbreak shocked stock exchanges around the world and hit equity performance hard in the early months of 2020. However, a strong recovery helped trusts bounce back. While demand for investment trusts has stayed fairly strong, alternative investment vehicles like open-ended investment companies have put pressure with their competitive prices, encouraging investment trusts to band together through consolidation to drive down fees charged thanks to economies of scale. Revenue is expected to grow at a compound annual rate of 3% over the five years through 2023-24 to £1.5 billion, including estimated growth of 5.5% in 2023-24, while the average industry profit margin is anticipated to be 28.2%. After the financial crisis in 2008, Ultra-low interest rates supported equity growth as investors sought attractive returns from companies supported by cheap lending rates. This environment came to an end in 2022, as interest rates picked up rapidly amid spiralling inflation. As a result, bond values plummeted, and stock markets recorded lacklustre growth, hurting investment income. Although the rising base rate environment persisted into 2023-24, investors priced in rate cuts near the end of 2023, triggering a rally in stock markets. Capital also flowed into bonds as investors sought to lock in higher yields before they would potentially decline in 2024-25. Investment trust revenue is expected to grow at a compound annual rate of 7% over the five years through 2028-29 to £2.1 billion, while the average industry profit margin is forecast to reach 30.2%. Depsite economic growth set to remain muted in the coming years, central banks are taking a higher for longer approach to monetary policy as inflation proves stubborn. This will weigh on stock market activity, but make sovereign fixed income a welcome alternative thanks to their attractive yields and low levels of risk. Investment trusts will continue to seek acquisitive growth, using mergers and acquisitions to minimise fixed costs through scale. Despite expected growth, the loss of passporting rights and equivalence means that investment in the industry from the EU is likely to be somewhat dampened.

Sir Steve Webb, Minister of State for Pensions between 2010 and 2015 talks about how he went about implementing the reforms and how reforms survived at the aftermath of 2008 financial crisis.

Bank non-performing loans (NPL) in Greece represented over six percent of the total gross loans in Greece in 2022. Non-performing loans are those that are in default or are close to being in default. Many standard contract terms specify that loans become non-performing after being in default for 90 days, but this can vary. A steep increase in the share of non-performing loans in the Greek loan's portfolio took place from 2010 until 2017, when the ratio was approximately 46 percent.

Other European countries Although the non-performing loans in Greece have decreased a lot in recent years, some countries across Europe still had much lower NPL ratios. For example, the bank NPL to total gross loans ratio in the United Kingdom was approximately one percent. Even at the height of the financial crisis, the UK had a relatively low NPL ratio. Similarly low ratio’s can be found in northern European countries like Norway or Lithuania. Even though Greece still has a higher NPL ratio, that difference has decreased a lot in recent years.

Coverage ratios A non-performing loan coverage ratio looks at a bank's ability to absorb future losses. Banks understand that not every loan that they lend will be paid in full, so by predicting the rate of non-performing loans, banks can be prepared to cover these future losses. For example, China has a high provision coverage ratio, which means that its banks should generally be better prepared for such an outcome. In 2022, north European countries such as Lithuania and Iceland had some of the lowest coverage ratio in Europe.

Life on the Breadline has been the most extensive, evidence-based empirical analysis of Christian responses to UK poverty since the 2008 global financial crash yet developed by academic theologians. The project emerged from the project team's shared conviction that empirically-based rigorous theological research could be a resource for progressive social change in the face of the growing poverty and inequality experienced during the Age of Austerity. The project aimed to analyse the the impact that austerity policies have had on the nature, scope, approach and impact of Christian engagement with poverty in the UK and the ways in which churches have used their enduring localised social capital in tackling poverty.

Bringing theology and the social sciences together in dialogue, Life on the Breadline drew on a triangulated approach to primary research - Six ethnographic case studies were developed in London, Birmingham and Manchester [focusing on different aspects of poverty and various Christian traditions], the national Church leaders of fifteen Christian denominations in the UK were interviewed and regional Church leaders from across the UK were invited to take part in an online survey. More than 300 regional Church leaders were invited to take part. Participants were selected on the basis of their position as strategic public leaders and representative figures within the Church in their region. In some cases regions were geographically smaller than others. This was dependent on the different ways in which denominations structured and spread their geographical presence. In this we were guided by the ways in which Churches structured themselves. Where Churches did not respond reminders were sent. Ultimately a total of 104 regional Church leaders from more than twenty Christian denominations in England, Northern Ireland, Scotland and Wales took part in the survey and responded to a wide range of qualitative closed and open questions about the nature of poverty in their region since the 2008 financial crash, their perceptions about the role UK government policies have played in relation to poverty, their denomination's engagement with poverty at national, regional and local levels and the impact of their anti-poverty social action.

In the wake of the 2008/9 financial crash, resulting global recession and the 'age of austerity' introduced by the 2010-15 government, poverty in the UK rose more dramatically than in any other G7 nation. The number of people relying on foodbanks to feed their families rose from 25,000 in 2008 to 1,200,000 in early 2017. Between 2010 and 2016 the number of people in the UK earning less than a 'living wage' grew from 3,400,000 to 4,900,000 and the number of people on 'zero hours' contracts grew to 905,000. By early 2017 more than 30% of British children were living in poverty, 25% of the population were living in fuel poverty and rough sleeping had grown to 4,134, double the 2010 figure. Economic poverty is one aspect of more wide-ranging social exclusion. However the project will demonstrate that broader patterns of social exclusion are largely driven by poverty. In the face of this dramatic growth in poverty and inequality third sector and faith-based organisations have been in the vanguard of the ongoing struggle against social exclusion.

Christian communities have been involved in challenging urban poverty since the industrial revolution. However during the 'age of austerity' they have become increasingly important players as a result of their enduring relationships in local communities. Michael Hoelzl and Keith Ward (2008) refer to this as the 'new visibility of religion'. A key arena within which this 'new visibility' has been seen is in relation to rising levels of poverty and social inequality. 'Life on the Breadline: Christianity, Poverty and Politics in the 21st century' is the first interdisciplinary theological analysis of poverty in the UK since the financial crash. It will increase the awareness of the scope and impact of Christian engagement with poverty amongst government policy-makers and within wider society, enrich social policy and research and enable more effective faith-based action on poverty across urban Britain.

This project will analyse the nature, scope, extent and impact of Christian engagement with poverty. Six ethnographic case studies of Christian NGOs will be developed, interviews of 120 regional church leaders in Birmingham, London and Manchester and two National Poverty Consultations with 50+ national church leaders attending will enable the project to generate the most extensive evidence-base to date of Christian engagement with poverty in the UK. Fieldwork will analyse two differing approaches to tackling poverty - 'caring' and 'campaigning' - in order to assess whether the 'age of austerity' has affected the nature and impact of Christian engagement with poverty and the values that underpin it.

The project will develop a critical dialogue...

Organic retail sales in 2023 came to approximately 46.5 billion euros in the European Union and 54.7 billion in Europe. In both cases an increase could generally be observed over the entire period. An annual increase was seen between 2004 and 2021 for both regions with a steep acceleration of growth, beginning around 2014. Retail sales of organic food in Germany amounted to approximately 16 billion euros in 2021. The second biggest market measured in retail sales was France. Per capita consumption Per capita spending on organic food in the EU-27 reached 104.3 euros per person. The highest spending on organic food could be observed in the Alps and in the North of the continent. In Switzerland and Denmark, per capita spending reached 418.4 and 383.6 euros in 2020, respectively. Sales in Germany and the UK The German market has seen a continuous upward trend in sales since the year 2000 barring only the years 2009 and 2022. The dip was likely caused by the financial crisis. In contrast, UK sales suffered immensely in 2008 and the following years. The loss in sales was so heavy that the market needed until 2017 to generate more sales than were generated in 2007.

The Direct Real Estate Activities industry have come up against numerous headwinds in recent years, ranging from the COVID-19 outbreak in 2020 to the rising base rate environment in the years since, which have inflated borrowing costs for potential buyers. This is a sharp contrast to the ultra-low interest environment seen over the decade following the 2008 financial crisis. Revenue is forecast to fall at a compound annual rate of 4.0% over the five years through 2024 to €588.2 billion, including an anticipated drop of 3.1% in 2024. However, profitability remains strong, with the average industry profit margin standing at an estimated 41.6% in 2024. Central banks across Europe adopted aggressive monetary policy in the two years through 2023 in an effort to curb spiralling inflation. This ratcheted up borrowing costs and hit the real estate sector. In the residential property market, mortgage rates picked up and hit housing transaction levels. However, the level of mortgage rate hikes has varied across Europe, with the UK experiencing the largest hike, meaning the dent to UK real estate demand was more pronounced. Commercial real estate has also struggled due to inflationary pressures, supply chain disruptions and rising rates. Alongside this, the market’s stock of office space isn’t able to satisfy business demand, with companies placing a greater emphasis on high-quality space and environmental impact – properties in many areas aren’t suitable due to their lack of green credentials. Revenue is slated to inch upwards at a compound annual rate of 3.1% over the five years through 2029 to €651.3 billion. Although economic conditions are set to improve in the short term, elevated mortgage rates will continue to weigh on demand for residential property. However, the warehousing market is positioned for solid growth, benefitting from the rise in e-commerce. This is particularly relevant to Poland, which leads the EU warehouse market.