Protectionism is ‘greatest risk’ to global growth

PUBLISHED: 16:51 22 May 2018 | UPDATED: 16:51 22 May 2018

Is protectionism a threat to your business? Picture: Getty Images/iStockphoto

Is protectionism a threat to your business? Picture: Getty Images/iStockphoto

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A backlash against globalisation poses the greatest risk to future growth for British businesses, according to a regional business advisor.

KPMG surveyed 150 UK business leaders and a further 1,150 chief executives from around the world about their future investment plans and potential challenges.

Two thirds of UK respondents (64%) and more than half of those internationally (55%) said a return to “territorialism” posed the greatest risk to the growth of their company.

Charles Le Strange Meakin, senior partner for KPMG in the East of England, said there was a “pervasive sense of public frustration” that globalisation was not benefitting wider society.

“We are already seeing the results of this unfold across the globe,” he said.

“If world trade doors continue to close, there will be an inevitable impact on global growth; this persistent retrenchment is of huge concern to the business leaders I speak to.”

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