Simon MacAllister

So China really dominates the processing of that.

And that's because they've built a position over the last 20 years where they've been willing to take the very difficult environmental impact that comes with processing those to really dominate that position.

Yeah, so the way we set out our view and working with our global colleagues have done this, we have three big themes as to what's going to continue to happen next year.

And what we call spheres of engagement is the third one.

And that's around the fact that we're not seeing a consistent theme globally anymore.

And the previous few decades of globalization has really started to break down and we're seeing different dynamics in different parts of the world.

Reverse globalisation, one might not call it.

mostly driven by the US, but not just there.

And a move, and we saw this in the publication of the National Security Strategy in the US, where the US really wants to sort of dominate the Americas and it sees it as its area.

It did, and there hasn't been a huge amount of pushback in Europe against that because I think they just want to try and stay a little bit off the radar in terms of staying off the White House's agenda.

The EU is very focused around, you know, we would say the EU is kind of at a crossroads in terms of where it's focusing.

It's been very focused on trying to bring in new members, and that has weakened in the last few years.

It's been focused on climate change, and that has weakened in the last few years.

It's now realising it has a competitiveness problem.

And across Europe and in individual countries, that approach to regulation is now being looked at.

And we had the Draghi report last year, which really laid bare the sort of shortfalls that are there.

And the Commission have been taking action and they've implemented a lot of the action points in that.

And the EU is also trying to work out where is its place in the world?

Where does it sit versus China, versus the US?

What deals is it doing?