The session explored the shifting balance of global and domestic policy: the consolidation of power around the US and China with the EU forming a “rules group,” the WTO’s continued role in sustaining global trade despite rising tensions, and the UK’s struggle with weak productivity and tight fiscal limits as it seeks space for growth-focused investment.
Global power is consolidating around two major poles—the US and China—with a potential “rules group” emerging around the EU. He argues that while many economies still support multilateral cooperation, the US is the only country directly challenging the post-war global system.
The WTO framework continues to underpin global trade even as bilateral tensions rise. He describes how agreements, dispute systems and adherence to formal processes create stability, and notes the geopolitical limits of US–EU trade relations.
Creon Butler examines the UK’s economic position, highlighting slow productivity growth, fiscal constraints and the importance of sustained infrastructure investment. He outlines options for revising debt rules, attracting private capital and reforming benefits to create space for growth-focused spending.
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