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Children Face Type 2 Diabetes Health Concerns After a Year at Home
Some children are facing health concerns after a year of attending school online. During the pandemic, research found cases of type 2 diabetes among children more than doubled. Lisa Diewald, MS, RD, LDN, Program Manager for the MacDonald Center for Obesity and Education weighed in on causes and potential prevention methods going forward. “We know that physical activity level, eating habits, weight status and other lifestyle factors play a significant role in the development of type 2 diabetes in adults and in children,” said Diewald. “Because of disruptions for many children in all four factors during the pandemic, (on top of pre-existing challenges), we are starting to see trickle-down health effects involving lifestyle-related chronic diseases, such as type 2 diabetes and children are not immune to these health effects.” Type 2 diabetes is related to obesity, exercise habits and diet. Children who struggle with weight may also have many social, genetic and environmental factors impacted by the accelerated risk seen through the pandemic. For example, the absence of healthy school meals while learning from home negatively impacted some children, as processed foods became replacements. Eating habits are also largely impacted by one’s mental state. “Like adults, children learn to cope with stress and anxiety in different ways. For some, this means reaching for comfort foods, which are often high in refined carbohydrates, saturated fat and sugar-all risk factors for T2 diabetes if consumed in excess,” said Diewald. “These foods can contribute to unhealthy weight gain, especially when physical activity is limited as well. The bad news is that it does not take a lot of weight gain to put a child who is already at risk at greater risk for diabetes.” But families should be aware of the good news that small changes can make a big difference and that prevention is possible. Diewald recommends a few small changes to alter a sedentary routine for parents and schools: • Build 1 minute brain breaks during the day for activity such as stretching or running up and down the stairs • Keep healthy snacks available and sugar sweetened snacks and drinks less visible • Create safe and walkable opportunities for children to add physical activity • Look for outdoor community sponsored activities that encourage physical activity that can provide safe and accessible physical activity opportunities Additional measures for parents to prevent the unhealthy coping with foods including working with children to make a list of fun alternative activities (unrelated to food) to do when boredom kicks in and posting in an accessible place in the home. Parents can act as role models and let children see that parents are working on more effective ways to cope as well. Though the risk of type 2 diabetes has been increasing during the past year, many factors can continually increase a person’s risk. These tips can provide the valuable tools for prevention in the future. “Teaching children healthier ways to cope with boredom and depression than eating are skills that can help for a lifetime, well beyond the pandemic,” said Diewald. To speak with Diewald, email mediaexperts@villanova.edu.
IDC Quarterly Tech Brief: Your Guide For The Digital-First World
September 2021 Editor's Comments Happy September! We hope you got a chance to recharge and enjoy the summer. Now that we’re looking into the last half of 2021, our experts agree that we’re not going back to the pre-pandemic normal, but we can’t help but be optimistic with recent news on vaccinations, lifting of restrictions, kids going back to school, and some of us returning to the office. As the world slowly moves from a pandemic to a digital-first state, we will see permanent shifts in the way we live, work, play and learn. IDC expects the next 3 years to remain highly fluid due to the growing range of global challenges. And now, more than ever, business and government leaders will need to operate and invest in increasingly digital-first markets, while building digital infrastructures, enabled by an intelligent, empowered, and a well-connected workforce. In this edition of IDC Canada's Quarterly Tech Brief, we’ll explore insights on the digital-first world, best practices, and digital transformation stories from Canadian tech leaders at our upcoming IDC CIO Series webinar on September 22, and as usual, we also reveal the latest research, survey results and market forecasts. And last but not least, we're happy to announce IDC Canada's biggest technology event of the year, IDC Connections 2021 is coming up on November 4th. Save your seat today! FEATURED IDC CIO Panel Series – Part 2: Building Resiliency & Innovation into Your Canadian Journey Join us on Wednesday, September 22 at 2 p.m. ET for the latest session of our IDC CIO Panel webinar series where we will dive into what digital resiliency means for you, and how to leverage the latest Digital Infrastructure and Digital Innovation trends to your advantage. Hear from industry-leading tech executives, Antoine Haroun, CIO at the Peel District School Board, Irene Zaguskin, CTO at The Printing House, and Michael Kurek, VP of Sales & Operations, Data Center Solutions at Dell Technologies as they unpack how the pandemic accelerated their digital transformation journey, and their best practices for planning and managing IT during uncertain times. Our experts will also host 3 sessions around how the Future Enterprise operates in a Digital-First World, a look ahead at the forces of change heading into 2022, the Future of Digital Infrastructure, and the need to strive for a balance between digital innovation and resiliency to remain relevant and competitive. Your Canadian Research Checklist Here are some of our most popular Canadian reports of the quarter to help you understand changing market conditions and succeed in 2021. ✓ IDC Market Glance: Service Providers in Canada, 2Q21 ✓ The Rise of Canadian Cloud Ecosystems ✓ Canadian Cybersecurity Market Snapshot, 2Q21 ✓ Canadian Cybersecurity Buyer Persona: Managed Security Services Benefits ✓ Canadian Managed Cloud Services Adoption, 2021 Forecast Highlights ✓ Canadian Wireless Services Forecast, 2021–2025: Wireless Wars 18 ✓ Canadian Internet of Things Forecast, 2021–2025 ✓ Outlook for Canadian SaaS Applications, 2021 ✓ Worldwide Managed Cloud Services Forecast, 2021-2025 ✓ IDC's Forecast Scenario Assumptions for the Canadian ICT Market, April 2021 IDC THOUGHT LEADERSHIP: DIGITAL RESILIENCY SCORECARD Explore IDC's new Digital Resiliency Scorecard Does resiliency still matter in a "post-pandemic" world? Quite simply, it does. In IDC's recent Digital Resiliency Benchmark Survey, we found that 65% of U.S. buyers and 55% of Worldwide buyers have plans to invest in resiliency over the April 2021-April 2022 timeframe. Watch The Digital Resiliency Scorecard webinar to learn more ICYMI: BLOG HIGHLIGHTS FROM THIS QUARTER Future of Customer - More Human Experience - Over 34% of executives point to transforming the customer experience as the top business function. Learn more about the Future of Customer framework with IDC’s Keyoor Adavani. Read More → Major Smartwatch Market Consolidation: A Canadian Take - In May Google announced a new unified smartwatch platform in partnership with Samsung. Learn how this partnership is expected to shake up the market dynamics in Canada with Shahd ElAshri. Read More → Telesat Vying For LEO Constellation Leadership - A new commercial space race has begun and among the entrants for Low Earth Orbit (LEO) satellite constellations, Telesat is an emerging leader in this multi-billion-dollar market. Learn more from IDC's Lawrence Surtees. Read More → Federal Budget Innovation Goals and What’s Next for Recovery - COVID-19 fast-tracked innovation and digitization. See how the federal budget plans to support digital transformation, and learn how customer centricity and AI can set you apart from the competition with IDC's Mark Schrutt. Read More → UPCOMING VIRTUAL EVENT IDC Connections 2021 Canada: Accelerating Your Path to a Digital-First Enterprise Mark your calendars! IDC Connections is back this year and we can't wait for you to take a front-row seat. Don't miss an afternoon full of IDC experts' insights, special guests, networking, and hear from the tech leaders who are driving this new era of rapid transformation. This year's highlights include: A special closing keynote on the Future of Sports and Entertainment with Humza Teherany, Chief Technology & Digital Officer at Maple Leaf Sports & Entertainment Creating digital innovation & experiences at your organization, with IDC's Chief Research Officer, Meredith Whalen Embracing digital infrastructure, with IDC Canada's Dave Pearson Leveraging new industry ecosystems, with IDC Canada's Nigel Wallis Guidance from our popular CIO Best Practices Panelists PODCASTS WORTH A LISTEN Find out why clients are raving about our new podcast series! In an era seemingly filled with uncertainty, the Future Enterprise podcast is a must-listen. It's a podcast for business and tech executives, aimed at helping you leverage technology to achieve innovative, disruptive, and productive business outcomes. Listen in as IDC host, Joseph Pucciarelli, Group Vice President & IT Executive Advisor interviews C-level executives from around the world on their digital transformation initiatives touching on each of the "Future of X" digital initiatives. Senior IDC research leaders often join in the conversation. Listen Now → Thanks for being a part of our IDC Quarterly Tech Brief Newsletter community! Don’t forget to subscribe to be notified quarterly when the next issue comes out.
MEDIA RELEASE: Watch for higher traffic volume in school zones as students go back to class
After months of distance learning, many students will be excited to see their friends and classmates again as they return to the classroom. With higher traffic periods anticipated before and after school, CAA South Central Ontario (CAA SCO) is urging all pedestrians and motorists to stay alert and take extra caution while travelling through school zones. “Pedestrian safety begins with drivers,” said Raymond Chan, manager of government relations at CAA SCO. “When you’re behind the wheel, you have the responsibility to look out for everyone else around you, including parents, guardians and children.” While the pandemic reduced congestion around schools, a recent school zone survey conducted on behalf of CAA SCO found many of those previous bad behaviours persist. More than 20 per cent of parents say they witnessed speeding, illegal parking and U-turns or three-point turns. Of those surveyed, 41 per cent of parents and guardians say that motorists being in a hurry is the primary cause for unsafe driving behaviours within school zones. Pedestrian behaviours also play a role when it comes to road safety. According to the survey, parents are concerned about pedestrians crossing at undesignated areas; and failing to look both ways when crossing the street. “CAA is reminding pedestrians, cyclists and motorists to be fully aware of their surroundings by slowing down and putting away all distractions,” said Chan. “Whether you are a parent or guardian driving, or a child walking or wheeling to school, everyone plays a role in keeping school zones safe.” CAA is encouraging motorists to remember these top five school zone safety tips: Make eye contact with passing pedestrians and cyclists: With the excitement of going back to school, anticipate that children may not easily see or hear your moving vehicle. Use eye contact to ensure pedestrians are aware of you driving your vehicle. Help reduce traffic with active school travel: Encourage your kids to walk or ride to school to ease traffic congestion. If your school is a further distance, CAA encourages parents and guardians to park a block away and walk to school, if possible, to reduce traffic and make school zones safer. Slow down: Know the speed limit in your neighbourhood’s school zones and respect them. Ensure to give yourself plenty of time to drop off your kids at school to avoid rushing. Follow the rules of the road near school buses: Always stop for school buses with its lights flashing and/or stop arm activated, and wait for children to get safely on or off. Stay alert and watch for children or parents/guardians crossing the road when the bus moves on. Choose a safe spot to drop off and pick up your children from school: Follow your school’s rules and avoid double parking or stopping on crosswalks, dropping off or picking up your kids on the opposite side of the street, and stopping in moving traffic as kids rush out. Instead, use the designated drop off areas or consider a spot a bit farther away from school that is easily accessible and safe. CAA supports safety in school zones through the CAA School Safety Patrol® program. The program was developed to protect and educate elementary school children on safe road-crossing practices. CAA’s Ontario Road Safety Resource is a toolkit with valuable lesson plans for teachers to help educate students about road safety. The study, commissioned by CAA SCO and conducted by Dig Insights between April 16th to 23rd, 2021, surveyed 1,405 Ontario parents/guardians between the ages of 18 and 74 with children attending school from Kindergarten to Grade 8. A probabilistic sample of a similar size would have a margin of error plus or minus 2.6% at the 95% confidence level.
Early-stage entrepreneurial activity in 2020 had fallen sharply from its pre-pandemic high in the UK as the economy was essentially shut down for long periods due to COVID-19 This decline was due to fewer nascent entrepreneurs than normal – that is, individuals in the first three months of starting their new business venture Nevertheless, around two-thirds of working-age adults looking to set up a business within three years said the pandemic had influenced their decision to re-assess their future engagement with the labour market As in previous economic downturns it is the small business community that drives the recovery across all sectors of the economy. UK entrepreneurs once again stand ready to rise to the challenges and opportunities created by the Coronavirus pandemic and the economic fallout from Brexit, a new report says. The latest Global Entrepreneurship Team (GEM) UK report found that although around of half budding entrepreneurs said that the UK government had so far dealt effectively with the economic consequences of the pandemic, there must be improved programmes, financial support and advice to start-ups and scale-ups through different stages of the business life cycle. GEM is the world’s largest survey of entrepreneurship and is the only global research source that collects data on entrepreneurship directly from individual entrepreneurs. It measures various rates of entrepreneurship in 43 countries in 2020. GEM’s UK team – which is led by Professor Mark Hart of Aston University – compared attitudes, activity and aspirations in the UK, Germany and the United States as well as the four home nations of the UK. Access to finance remained one of the major obstacles to entrepreneurial activity in the UK. Enhanced tax benefits for entrepreneurs, such as tax breaks for start-ups and businesses in difficulty to reduce early exits and better tax incentives for recruitment, investment in managerial and digital practices and skills were also highlighted1. The report also called for more entrepreneurial education, especially at school age as well as improved technical education and improved links between the educational system and industry to boost growth post-COVID and post-Brexit. It found that the UK still lags behind many comparable economies in this respect. Mark Hart, professor of small business and entrepreneurship at Aston Business School and deputy director of the UK’s Enterprise Research Centre, said: “The GEM survey undertaken in the last few months of 2020 showed a sharp fall in the number of individuals in the early stages of setting up a new business compared to the pre-pandemic high in 2019. “This is hardly surprising, but the analysis has also shown that the entrepreneurial foundations of the economy and society are still strong and these will be crucial for the recovery after the pandemic and in dealing with the ongoing economic fallout from Brexit. “Those ethnic-minority communities that have borne the brunt of the pandemic in terms of infection, hospitalisation and sadly deaths demonstrated their resilience by maintaining their previous levels of early-stage entrepreneurial activity (TEA rate) which were significantly higher than for the non-ethnic minority population. “Clearly, the pandemic has had no damaging impact on the level of entrepreneurial activity by immigrants and ethnic-minorities although it has depressed it for life-long residents and the non-ethnic population. “There is undoubtedly an appetite for people to start their own businesses in the next three years and many report new opportunities because of the pandemic but they are delaying the actual decision to get the business operational.” The full GEM UK impact report, sponsored by NatWest, is available for download here.
As Pfizer gets full FDA approval – Georgia Southern’s experts are in the media and getting coverage
With a fourth wave of COVID sweeping America and beyond – the Pfizer vaccine receiving full FDA approval couldn’t come at a better time according to most health experts. And as news swept across the country, Georgia Southern University’s Isaac Chun-Hai Fung, Ph.D., associate professor of epidemiology, was front and center for media and reporters, helping to explain the importance and significance of this landmark announcement. The green light from the U.S. Food and Drug Administration to move Pfizer’s vaccine from emergency use to full approval Monday is a milestone in the national pandemic response, and one that comes as Georgia and much of the country battles another surge in infections and hospitalizations due to the delta variant. More than 60% of Americans have received at least one dose of the vaccine, and experts have long pointed to data that shows the shots are safe and effective. Still, the official thumbs-up is a significant piece of evidence to bolster that fact, said Isaac Chun-Hai Fung, Ph.D., associate professor of epidemiology at the Jiann-Ping Hsu College of Public Health at Georgia Southern University. “With this new formal approval from the FDA, the public should have the same confidence as they do with existing vaccines that we have used for years against other diseases,” Fung said. August 24, Georgia Recorder As the COVID story progresses and advances, there will be a lot of questions that need answers and stories for journalists to tell. And if you are covering – then let us help. Fung is available to speak with media regarding this topic — simply reach out to Georgia Southern Director of Communications Jennifer Wise at jwise@georgiasouthern.edu to arrange an interview today.
Podcast: 3D printing’s vital solution to medical problem caused by COVID-19
"They were looking to solve a problem and I was able to use my additive manufacturing knowledge to help them out, and the result of that was that we developed a new technology and span a company out of it." Dr Mark Prince Senior Lecturer in Mechanical Engineering Aston University New device created in Aston University lecturer's home during coronavirus lockdown Aston Business School expert explains how 3D printers are already used to make hearing aids, dental crowns and hips ‘Imagination is the only limit’ for additive manufacturing’s future, according to Dr Ahmad Beltagui A senior lecturer at Aston University is helping ear, nose and throat (ENT) clinics around the world by using the hi-tech ingenuity of 3D printing. Dr Mark Prince used 3D printing to prototype and produce a valve for a mask so that ENT surgeons could continue to examine and treat patients without fear of spreading the virus. Dr Prince, a senior lecturer in mechanical engineering at Aston University, was talking about his experiences in the latest episode of the 'Aston means business' podcast, presented by journalist Steve Dyson. The podcast also features Dr Ahmad Beltagui from Aston Business School, who talks about the wider benefits, some downsides and future potential of 3D printing in successfully disrupting traditional manufacturing. Dr Prince said his interest in additive manufacturing, or 3D printing, peaked after meeting two consultant ENT surgeons in the West Midlands. He said: "They were looking to solve a problem and I was able to use my additive manufacturing knowledge to help them out, and the result of that was that we developed a new technology and span a company out of it. "The company is Endoscope-i Ltd, founded in 2012 and now with an annual turnover of £200,000. The idea was simple: can we get medical endoscopic images of the ears and throat using a smartphone and we came up with a technique to do that." He said that, traditionally, he would have used large, expensive equipment to prototype the systems and new products. However, that wasn't possible with most of the university closed down at the height of the pandemic last year. He, therefore, had to look at other technologies that were safe to use in the home without breaking lockdown restrictions. Dr Prince explained: "When we are looking at diseases or concerns of the throat and nose we often stick an endoscope up the nose and down the throat, but of course you can't do that through a mask. "One of the founding members, Mr Ajith George, suggested that we could put a valve in the mask that allowed an endoscope to pass through it and allow the procedure to go ahead without breaking containment." "Work on the device started in mid-March 2020 and was ready for free supply to the NHS in November. Dr Prince added: "What that has allowed the NHS to do is any ENT clinic was able to fit it to a mask, put the mask on the patient, and carry on with an endoscopy procedure without all of the concerns of the pandemic." Meanwhile, Dr Ahmad Beltagui, a lecturer in operations and information management at Aston Business School, said you could get 3D printers from as little as £200 all the way up to expensive versions working with "exotic materials" like titanium. He said there were four main benefits to manufacturers: "Compared to traditional manufacturing methods you can produce shapes that are harder to produce; you can produce things in very small volumes; you can innovate faster and produce lots of prototypes, and you can produce things nearer to where they are required so you don't have to produce in a factory in one place and transport somewhere else." Dr Beltagui said: "The COVID-19 pandemic saw 3D printers used in homes to produce equipment such as cheap face visors for their local hospitals. The great thing about 3D printing is anyone can produce anything they want. "That's also the biggest risk – there is no control over what people produce or how safely they produce it. "At the beginning of the pandemic, someone in Italy found that they could produce some spare parts to keep the ventilators in their local hospital going. But then a few days later the manufacturer of those ventilators was considering whether or not it should take legal action." However, he said the printing machines had gradually become more reliable and there was a better level of quality, while the cost was coming down. Dr Beltagui added: "As to the future, the only limit is your imagination."
Ask an Expert: How do you manage a natural disaster during a pandemic?
Mark Abkowitz, Professor of Civil and Environmental Engineering, discusses the challenges in managing a natural disaster during a pandemic.
Covering World Breastfeeding Week? Our experts are here to help
August 1-7 is World Breastfeeding Week, and the University of Mary Washington has the ideal expert for any journalist looking to learn more or cover this important topic. Did you know that breastfeeding is one of the top maternal priorities for many organizations, including the World Health Organization (WHO), the American Academy of Pediatrics (AAP) and the Centers for Disease Control and Prevention (CDC)? Assistant Professor of Communication Elizabeth Johnson-Young has done extensive research on women’s intentions to breastfeed and how the communication they receive during pregnancy and postpartum from various sources such as doctors, lactation consultants, friends and family, magazines, books and parenting groups can impact the decision to breastfeed. She's also explored the connections between breastfeeding and body satisfaction. Dr. Elizabeth Johnson-Young is a published expert on health communication, especially maternal and family health. She is ready to help if you are looking to cover this topic - simply click on her icon now to arrange an interview today.
Rishi Sunak kickstarts Help to Grow scheme at Aston Business School
"It was a pleasure to host the chancellor at Aston Business School today. As a small business leader you have to know about all the key business functions and how to optimise them to drive high performance in your business." Paula Whitehouse, Aston Business School Paula Whitehouse (L) & Rishi Sunak (R) The Chancellor of the Exchequer met with Aston University’s deputy vice-chancellor engagement and associate dean enterprise of the College of Business and Social Sciences to launch Help to Grow: Management The scheme will support senior managers of small and medium-sized businesses to boost performance, resilience, and long-term growth The 12-week programme is 90% funded by the Government and participants can complete it alongside full-time work. The Chancellor has called on the leaders of small and medium-sized businesses to sign up to a new programme designed to hone their expertise as he attended one of the first courses in the UK today (August 2). Rishi Sunak joined a class taking part in the government-funded Help to Grow: Management scheme at Aston Business School, Aston University, alongside small business owners, to see first-hand how it is giving them the tools they need to innovate, grow and help drive the recovery from the pandemic. The Chancellor delivered a talk to participants at Aston Business School on the critical role small businesses can play in boosting UK productivity. He then took part in a group activity and led a discussion about their own business models and opportunities for growth. The scheme, which was announced at the March Budget and opened for applications in May, will give 30,000 SMEs access to world-class business expertise on everything from financial management to marketing and is a pivotal part of the government’s Plan for Jobs. Rishi Sunak, the chancellor of the exchequer, said: “Small businesses are key to our innovation and economy and will therefore be an essential part to our recovery from the pandemic, which is why we are levelling up their skills through the Help to Grow schemes. “I want to bring some of the best bits of management training from around the world to help boost productivity here in the UK. “Help to Grow: Management will ensure our brilliant SMEs seize every opportunity to grow, fuelling our Plan for Jobs by boosting productivity in all corners of the UK.” Experts in small business and entrepreneurship from Aston University have played a significant role in developing the programme. Paula Whitehouse, curriculum director for Help to Grow: Management and associate dean enterprise of the College of Business and Social Sciences, said: "It was a pleasure to host the chancellor at Aston Business School today. As a small business leader you have to know about all the key business functions and how to optimise them to drive high performance in your business. “Help to Grow: Management will combine this essential business education with the creation of a like-minded business network and support for the practical application of the learning to ensure businesses get immediate results. “I am excited to be working with Small Business Charter business school colleagues all over the country to roll out the Help to Grow: Management curriculum and ultimately to be introducing many more business leaders from the West Midlands into Aston's vibrant entrepreneurial community." Mark Hart, professor of small business and entrepreneurship at Aston University and associate director of Aston Centre for Growth, said: “The launch of the Government’s Help to Grow: Management programme for SMEs is a welcome addition at a critical time to the range of support available to small business leaders across the UK. “Small firms will drive the recovery as they have always done in previous economic downturns and equipping their leaders with the leadership and management skills from the UK’s leading business schools will ensure that they will build even more resilient, innovative and sustainable businesses capable of responding to the emerging opportunities in their chosen markets. “This is a practical, intensive 12-week programme designed by some of our top academics to provide the skills required to improve the performance and productivity of small firms across all sectors of the economy”. Mark Hart (L) & Rishi Sunak (R) take part in a class at Aston Business School
Brexit: UK services are losing out to EU rivals – but Asia could be big winner
"Seven months after Britain’s exit from the EU, the chilly effects on UK trade are being felt. Total exports of UK goods and services were down by 13% (£36 billion) and imports down 22% (£66 billion) for January to May 2021 compared to the same period in 2019." Professor Jun Du, Aston Business School Singapore looks like one of the big winners from Brexit. joyfull In a separate new ONS report into UK services, exports and imports fell 12% and 24% in the first quarter of 2021 compared to the same period in 2019. To some extent this is due to the pandemic, but the decline with EU countries was more severe (exports down 15% and imports by 39%), which suggests Brexit was relevant too. The difference between services exports to EU and non-EU countries was particularly marked in sectors like construction (-43% vs +24%), maintenance and repair (-62% vs +11%), and manufacturing services (-40% vs -12%). It seems to confirm that the UK’s services offering has been made less competitive by the EU-UK Trade and Cooperation Agreement hardly covering such business. This has left EU members free to decide whether to allow different UK providers into their markets. But as we shall see, other services exporting countries outside the EU may also benefit as a result. In our recent paper, Ireland looked like the big winner. It has probably benefited from firms relocating and business being re-routed from the UK, not to mention low corporation tax and a young well-educated workforce. Between 2016 and 2019, Ireland’s services exports rose 24% (that’s €144 billion or £123 billion), driven by financial services, IT and transport. Speculation still abounds about which other EU cities will benefit in the medium term. Amsterdam surpassed London as Europe’s largest share-trading centre in January by absorbing much trade in euro-denominated assets, though London has been back on top recently. Other potential winners include Frankfurt (banking), Luxembourg (banking and asset management) and Paris (financial, professional and business services). Even a less serious contender like Berlin can attract tech talents thanks to its culture clusters and affordability. On the other hand, most financial traders have so far remained in London. The city is still strong in hosting stock market flotations and other forms of capital raising. And the flow of financial jobs out of London has been a fraction of what remainers predicted. A four-year regulatory transition period for areas like data protection and electronic trade will undoubtedly be helping. London vs EU rivals is only half the story. James Padolsey/Unsplash, CC BY-SA Yet all this misses a bigger picture, namely that Europe’s ability to provide services may have been weakened overall. Imagine a group of US investors wants to invest £1 billion in European shares and other financial assets. In the past it might have set up a fund in London, making use of the city’s network of lawyers, accountants, bankers and other finance professionals, while filtering some of the work to specialists in, say, Paris and Frankfurt for issues related to France and Germany. But now Brexit means the fund can’t invest in certain EU securities from London. The investors would have to set up a second fund in, say, Dublin to get exposure to all the EU assets they want. The additional expense and time involved makes them decide it will be more lucrative to set up an Asia-focused fund in Singapore instead. When you multiply this effect across every sector, it is potentially huge. Certainly some investors will decide to either switch attention from the UK to EU countries, or to live with the extra cost of doing business across both the UK and EU. But others are deciding that an opportunity somewhere else in the world now looks more attractive. The danger is that this adds up to a global shift in economic weight over time. In fact, we could be seeing signs of this already. Winners and losers In follow-on research that we have yet to publish, we have been analysing the services exports of the major service providers in Europe and globally, using trade data jointly collected by the World Trade Organization (WTO) and the Organisation for Economic Cooperation and Development (OECD). The data shows the UK was and is the biggest services exporter in Europe and second only to the US worldwide, but appears to have been losing ground since Brexit. Ireland and the Netherlands are the major growth stories in Europe, while China, India and Singapore are leading the way elsewhere. Services exports by country, 2019 vs 2015 Trends in services exports. Left: 2015 data in solid coloured bars; 2019 change in yellow markers. Right: Green bars represent accelerating service growth; red bars represent decelerating growth. BaTIS The UK’s services growth trend fell 11% in the 2016-2019 period compared to 2010-15. This backs up our recent published research finding that the UK’s global share of exported services fell from 8.9% in 2005 to 7% in 2019. Meanwhile, France, Spain, Italy and Belgium’s growth has also been declining, while Germany, the Netherlands, Switzerland, Luxembourg, Austria and also the US were static. Ireland was the fastest growing services exporter among all, but Singapore and India gained momentum too. Strikingly, we see increasing growth in Asia between 2016 and 2019 in sectors like travel, financial, IT and creative services. This includes extraordinary growth in Singapore in finance, business, insurance and pension provision, and also in China in numerous segments. It looks like nothing short of a boom. Shanghai has been on the up and up. Krzystsztof Kotkowicz, CC BY-SA This may partly reflect the industrial transformation taking place in the Asian developing world from manufacturing to services. It may also capture a long-term shift of services centres from the west to the east – a reshuffle on a truly global scale. But at the same time, it’s evidence that Brexit has weakened the UK as the European centre for services. Yes, business shifted to Ireland (and Luxembourg) to some extent, but that could be hiding a wider collective setback. The question for the years ahead, for the UK and its European services peers, is whether they can come up with arrangements that help maintain their collective strengths – and to what extent they can exploit opportunities elsewhere, particularly on developing countries, where US services providers have traditionally been far ahead. This article was co-written by Professor Jun Du and Dr Oleksandr Shepotylo.
