Home / Knowledge / News / Textiles / OECD urges UK for close EU ties to meet Brexit challenges
OECD urges UK for close EU ties to meet Brexit challenges
24
Oct '17
The British economy has weakened following the decision to leave the European Union (EU) in June 2016. Maintaining close ties with the EU and implementing policies to boost productivity will be key to maintaining future living standards, according to an economic survey of the United Kingdom by the Organisation for Economic Cooperation and Development (OECD).

The growing uncertainties and risks post Brexit include the hit on household purchasing power from rising inflation, declining savings rates and a fall in net migration, an OECD press release said quoting the survey.

The survey, presented in London recently by OECD secretary general Ángel Gurría and British finance minister Philip Hammond, identifies priority areas for future action, including new productivity-enhancing fiscal initiatives and comprehensive policy reforms to boost the economic performance of lagging regions.

Sustained economic progress will hinge on a successful outcome to negotiations with the EU, the survey says. It recommends efforts to ensure high value chain integration for network industries and high levels of access for services sectors to overseas markets.

The survey suggests that the government consider swift deployment of productivity-enhancing investment initiatives if the low-growth trap continues. It also notes scope for a tax and spending review, to identify additional fiscal initiatives, including the potential for higher national Income contributions for the self-employed and indexation of state pensions on average earnings only.

Addressing the regional productivity divide – between high-productivity areas like London and southern England and lower-productivity regions in the north – can be a key channel for fostering long-term growth and sharing prosperity across the country, the survey says.

With employment at high levels, labour and social policy should be directed at improving job quality as well as the productivity of low-skilled workers, it adds. (DS)

Fibre2Fashion News Desk – India


Must ReadView All

FDI in Vietnamese textile-garment projects on the rise

Apparel/Garments | On 24th Jun 2018

FDI in Vietnamese textile-garment projects on the rise

The European Union-Vietnam Free Trade Agreement and the Comprehensive ...

Courtesy: Alizilla

Apparel/Garments | On 24th Jun 2018

Alibaba Group sets up office in Kuala Lumpur

Strengthening its commitment to Malaysia, Alibaba Group has set up an ...

Bombay Dyeing plans to wind up Indonesian JV

Textiles | On 24th Jun 2018

Bombay Dyeing plans to wind up Indonesian JV

Bombay Dyeing & Manufacturing Co Ltd plans to wind up its loss making ...

Interviews View All

Top executives
Textile & apparel bodies

The decision to reduce GST on MMF yarn to 12% is transformational

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search