talked about the us export controls, massive export patrols, controls vertically on the semiconductor industry because these chips and technology that will be key to developing technologies, security, equipment and military in the future, so all of these factors will play out over a very long period. at the moment the prospects for the global economy are really about how to get the inflation down and do central banks do too much by raising interest rates too far and damaging the global economy? too far and damaging the global econom ? ,, ., ~ ., ., economy? simon macadam from caital economy? simon macadam from capital economics, economy? simon macadam from capital economics, thank - economy? simon macadam from capital economics, thank you - capital economics, thank you very much forjoining us. let s stay with the g7 summit because uk prime minister rishi sunak has used it to launch a plan to boost britain s microchip industry. the national semicoductor strategy will see up to £1 bil
dimension. let s bring in simon macadam, senior global economist at capital economics here in london. there s only so much political leaders can do to tackle inflation. what, if anything, can be achieved at this meeting? your corresponded in hiroshima talked about the elephant not in the room being china of the g7 summit and that s a very, very important reason why that s the case even from an economic perspective, but the elephant not in the room from an economic perspective this weekend and the more immediate senseis weekend and the more immediate sense is the debt ceiling crisis in the us and of course as you say the inflation problem and inflation crisis thatis problem and inflation crisis that is a malaise that all advanced economies are suffering from. on that i don t think g7 leaders can achieve very much at all. it was last weekend when the central bank governors and finance and treasury ministers from the g7 got together last week in japan