Briefing Paper 68 – August 2022 Camilla Jensen, Guillermo Larbalestier, Peter Holmes Key Points Introduction Background Oil versus Gas                                                                                                                     The importance of market power to policy analysis          Import tariffs, import bans or a buyer’s club price cap? Policy evaluation Conclusion                                                                                                                                                                              Download Briefing Paper 68   Key Points Economic sanctions against Russia targeted [...]

Briefing Paper 66 – January 2022 Download Briefing Paper 66 Ingo Borchert, Michael Gasiorek, Guillermo Larbalestier, Nicolo Tamberi Key Points Introduction Global value chains and vertical fragmentation in services and manufacturing industries Approaches to measurement UK engagement in value chains, specifically mode 5 Services value-added share Services value-added share and exports intensity Services value-added share and foreign ownership in industries Which services are used as inputs? The importance of manufacturing and other sectors for service industries What can we learn from using firm-level data? Who trades services? Who trades goods? The use of services by manufacturing firms Impact of UK FTAs on services trade and Mode 5 UK-EU TCA effects Conclusion Disclaimer Key Points Services increasingly matter for the UK economy and for UK trade. Services can be traded either directly, be this by selling a design service from one country to another or by sending a consultant abroad, or they can be traded indirectly as inputs into goods trade. The latter is often referred to as ‘Mode 5 services trade.’ The interconnectedness of services trade and goods trade does not simply derive from the use of services by goods producers, but also because services themselves are traded by [...]

Download Briefing Paper 65 Briefing Paper 65 – December 2021 Peter Holmes and Guillermo Larbalestier Key Points Introduction How important is the UK-US trade relationship and what are the main challenges? Goods Trade Regulatory Challenges Agriculture and Agri-food Services Trade and Digital Trade Value Chain Activity Trade in Intermediates Trade in Value-added (TiVA) Supply Chain Resilience Where does the UK fit into the US-EU-China trilateral relationship? Climate change cooperation Conclusion Key Points The UK Government has signed (or “rolled-over”) trade deals with the EU and almost 70 other countries as part of its post-Brexit Global Britain vision. However, a trade deal with its largest single-country trading partner – the US – remains elusive despite significant economic interests and rounds of official negotiations. The bilateral commercial relationship is biased towards services and investment as opposed to goods. Despite this, Free Trade Agreement (FTA) provisions on market access for goods present some of the bigger obstacles towards consolidating the agreement. In the absence of an FTA, closer economic integration is more likely to be achieved through ad-hoc regulatory deals and other stand-alone deals that could address trade barriers specific to sectors or industries. The UK’s ability to lead the world [...]