Top business leaders raise fears over trade walls

The rise of protectionism is the number one threat to growth, according to the bosses of some of Britain’s biggest businesses.

About two thirds of UK leaders (64 per cent), and more than half of international CEOS (55 per cent), said a return to territorialism posed the greatest threat to the future growth of their business.

Accounting giant KPMG surveyed 150 UK leaders and a further 1,150 CEOS from across the world about their investment plans and the challenges and opportunities facing their companies.

Catherine Burnet, senior partner for KPMG in Scotland, said: “Many governments and businesses are still grappling with unforeseen developments, such as Brexit and the rise of economic nationalism, which are having a seismic impact on their decisionmaking.

“If world trade doors continue to close, there will be an inevitable impact on global growth; this persistent retrenchment is of huge concern to the business leaders I speak to,” she added.