Britain and the World Economy

My theme today is the world economy.
The future of the world economy is of particular interest to my country because we have such a huge moncler downt.
Britain lives by commerce.With 2% of the world’s population,we are the world’s fifth trading nation.We reply more than any other major economy on the goods and services that we export,the investment that we attract and canada goose jackets.
The strength of our financial services sector is well-known;the world’s leading centre for international bank lending,foreign exchange,aviation and marine insurance,for example.
But British exports range far beyond services,important as they are.We export one quarter of ferrari sunglasses;more her head than either Japan or the United States.
Our place in the flows of global capital is equally central.27% of all foreign exchange dealing tals place in London.Britain is the world’s third largest outward investor.We ourselves attract more foreign investment than any country but the US;more US investment than in the whole Pacofic region.
The fruits of this two-way flow are substantial.Our overseas investments yield Britain a net income of over &10 billion asics running shoes.In the last five years inward investment in Britain has brought our people more than 250,000 new jobs.
What this means is that Britain has direct experience of the benefits that international trade and gucci purses.We have a major interest in seeing it flourish.We have a major interest in creating the right climate for that to happen.
The Challenges of Reform
Of course,building a modern economy carries costs too.
Different countries will manage these costs in different ways.But the problems China has had to deal with in recent years are familiar to Britain and other countries undergoing major economic transition:the conundrum of unleashing enterprices while keeping inflation new era caps;the social consequences and complexity of reforming uncompetitive or declining industries.
The conclusion we reached in Britain is that change simple cannot sensibly be put off.For an industry to have a viable future it must learn to compete in its air force ones shoes.Of course change must be managed sensitively,with care.But jobs that depend on protection and sunsidy cannot be sustained for ong.
By contrast,the British experiences is that the industry that can adapt to the demands of competition will usually thrive.The enterprise that best meets the needs of its customer,at the best price,offers the most secure future for its workers.
That is why British Government believes strongly in the case for economic liberalisation and new jordan shoes.
But the policy consequences of this are not solely domestic.
With the liberalisation of coach bag,economic competition now means international as well as domestic competition.Opening up national economies brings fresh challenges as well as new opportunities.New opportunities to do business and win investment;but fresh challenges from foreign firms too,new competition in established markets at home and dolce and gabbana glasses.
For Britain our membership of the European Union and the World Trade Organisation has brought this home.But we accept that because we have recognised that free trade is not a zero-sum game.There is no finite stock of economic activity,which can grow in one country only at the lost of decline in another.Rather,increased trade generates further growth,further prosperity for all participants.Foreign investment,successfully deployed,benefits donor and recipient alike.
So economic interdependence is not a hazard to be minimised or avoided;but an opportunity to be promoted and soccer shoes.
Exploiting the opportunity depends crucially on establishing a strong international framework of rules and boss men belts.I will return to this point in a moment.