The World Economic Forum is in full swing, with political leaders and business elites flocking to the snowy Alpine setting of Davos for day three of discussions on the economy and environment. Day two highlights saw German Chancellor Angela Merkel, Italian Prime Minister Giuseppe Conte and Spanish President Pedro Sanchez take to the stage. Mrs Merkel used her keynote speech to call for a reform of global institutions after warning of how the repurcussions from the 2008 financial crisis are still being felt today. The German leader also called for “good future partnerships” with Britain after Brexit.
Mr Conte said he expects the Italian economy to grow substantially in 2019, despite the recent clash with European Union chiefs over the nation’s controversial budget.
While Mr Sanchez maintained a vote of confidence for Europe as he claimed Spain is “firmly committed” to European integration.
Today will see speeches from Chancellor Philip Hammond, who is set to call for businesses to invest in Brexit Britain, as well as Bank of England chief Mark Carney and Health Secretary Matt Hancock.
Mr Carney will be joining International Monetary Fund boss Christine Lagarde for a panel discussion on “shaping the future of finance”.
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UPDATE 10:00AM: SHAPING THE FUTURE OF FINANCE
Coming up next is the ‘Shaping the future of finance’ panel with Bank of England chief Mark Carney and International Monetary Fund boss Christine Lagarde.
The IMF recently slashed its global growth forecast for the second time in three months.
The global organisation predicted the global economy to grow at 3.5 percent in 2019 and 3.6 percent in 2020, down 0.2 and 0.1 percent respectively from last October’s forecasts.
Mrs Lagarde described the downgrade as “modest” when asked how resilient the global economy truly is.
UPDATE 09:50AM: AIRBUS CHIEF TEARS INTO BREXIT
Tom Enders, chief executive of Airbus, has branded the handling of Brexit by the UK Government as a “disgrace”.
He went on to warn the aerospace giant could pull out of the UK if its ability to compete on the global stage is harmed by a no-deal departure.
Mr Enders said in a video message: “In a global economy the UK no longer has the capability to go it alone.
“Major aerospace projects are multinational affair.
“It is a disgrace that, more than two years after the result of the 2016 referendum, businesses are still unable to plan properly for the future.
“We, along with many of our peers, have repeatedly called for clarity, but we still have no idea what is really going on here.”
UPDATE 09:40AM: MATT HANCOCK HEALTH WARNING
Health Secretary Matt Hancock used his speech at Davos this morning to warn “we are on the cusp of a world where a simple graze could be deadly” from the threat of antimicrobial resistance (AMR).
Mr Hancock said resistance needs to be treated as a global health emergency, as he announced his plan to reduce resistant infections by 10 percent, while cutting the use of antibiotics by 15 percent.
He told the audience: ”Imagine a world without antibiotics. Where treatable infections become untreatable, where routine surgery like a hip operation becomes too risky to carry out, and where every wound is potentially life-threatening.
“What would go through your mind if your child cut their finger and you knew there was no antibiotic left that could treat an infection?
“This was the human condition until almost a century ago. I don’t want it to be the future for my children – yet it may be unless we act.
“As health secretary responsible for one of the most advanced healthcare systems in the world, I could not look my children in the eyes unless I knew I was doing all in my power to solve this great threat.”
UPDATE 09:10AM: PHILIP HAMMOND IN RALLY CALL FOR BREXIT BRITAIN
Chancellor Philip Hammond will use a lunchtime speech to urge companies to continue to invest in post-Brexit Britain.
His speech will come as the former Foreign Secretary announces a £100 million investment to create 1,000 new PhD places across the UK for the next generation of Artificial Intelligence.
Mr Hammond is expected to say: “Britain is a great place to do business.
“And we are determined, as we leave the EU, to make sure it remains that way.”