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May 19, 202643 min
Property Perspectives: The Future of Real Estate with Richard Pickering
What’s Next for UK Real Estate?To close this season of Property Perspectives, we zoom out and look ahead. Richard Pickering, Foresight Director at Cushman & Wakefield, joins us to connect the dots across every real estate sector we’ve explored—from residential and industrial to retail and the office.Alongside NatWest hosts Ashley Toy and Tom Sharman, Richard unpacks the megatrends shaping the built environment, including ageing populations, hybrid working, AI-driven supply chains, and the evolving role of cities.Bringing together insights from across the series, this episode explores how UK real estate could fundamentally change over the next 10–20 years—and what that means for investors, occupiers, and communities.All details correct at time of recording.For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html
May 12, 202626 min
Trade Links: Brexit: 10 years on, what next for the UK-EU relationship?
In this episode of Trade Links, host Tim Phillips is joined by Aastha Gupta and Scott Livingstone to revisit two major trade stories shaping the global economy: 10 years on from Brexit, and one year after the US “Liberation Day” tariff announcements.The discussion explores how trade relationships have evolved, where economic frictions remain, and why geopolitics is increasingly influencing global commerce. Brexit – Ten Years On1. UK–EU trade has stabilised, but at a lower levelUK goods trade with the EU remains around 10–15% below its pre-Brexit trajectory in volume terms, even though trade values have recovered due to inflation and higher prices.Manufacturing sectors including automotive and chemicals continue to struggle, while food and agriculture recovered after an early shock but remain more volatile.UK services exports have stayed resilient overall, largely thanks to growth in non-EU markets such as the US, masking weaker EU performance.2. Non-tariff barriers remain the biggest drag on tradeAlthough Brexit avoided tariffs, businesses continue to face customs paperwork, rules-of-origin requirements, and border checks.These non-tariff barriers are estimated to create costs equivalent to 7–10% tariffs on goods trade.Smaller exporters have been disproportionately affected, with some firms deciding exporting to the EU is no longer commercially worthwhile.3. Political and economic pressures are encouraging closer alignmentThe UK and EU are increasingly pursuing pragmatic cooperation in areas such as energy, customs data sharing, food standards, and youth mobility.Sectors including agri-food, pharmaceuticals, chemicals, and electric vehicles could benefit significantly from regulatory alignment.Broader geopolitical pressures — including Russia’s aggression and uncertainty around US policy toward Europe — are creating incentives for deeper UK–EU cooperation without full reintegration.One Year After US “Liberation Day” Tariffs1. The tariffs were dramatic politically, but economically less effectiveUS headline tariff rates jumped from roughly 2.5% to over 20%, levels not seen for more than a century.In practice, exemptions, carve-outs, and negotiations reduced the effective tariff burden closer to around 10%.Despite the scale of the announcements, the US goods trade deficit widened rather than narrowed over the following year.2. Tariffs changed behaviour more than outcomesCompanies accelerated imports ahead of tariff implementation before reducing volumes once measures took effect.Firms adapted supply chains through rerouting, exemptions, and alternative sourcing strategies.Businesses increasingly shifted from “just-in-time” supply chains to “just-in-case” inventory models, embedding higher costs into global trade.3. Trade has become a geopolitical weaponCountries responded with bilateral negotiations, retaliatory tariffs, supply-chain diversification, and efforts to avoid provoking Washington.China’s restrictions on rare earth exports highlighted the strategic importance of trade choke points and critical supply chains.The panel argues that the world is entering a more fragmented era of globalisation, where resilience and geopolitical alignment increasingly matter more than pure economic efficiency.All details correct at time of recording.For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html
May 12, 202637 min
Property Perspectives: Inside the UK Housing Market with Savill’s Lucian Cook
What’s shaping the UK’s residential property market as conditions continue to shift?In this episode of Property Perspectives, Ashley Toy and Tom Sharman are joined by Lucian Cook, Head of Residential Research at Savills, to unpack a residential market characterised by uncertainty and competing pressures. With interest rates higher for longer, mortgage availability tightening and build costs continuing to rise, they explore what this means for house prices, transaction volumes and affordability.The conversation also examines regional disparities, demographic challenges and the impact of the Renters Rights Act on landlords, tenants and investors, offering a grounded, research‑led perspective on the forces reshaping UK residential real estate — and what to watch as the market adjusts.All details correct at time of recording.For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html
April 28, 202630 min
Property Perspectives: Industrial in Motion: Newmark on a Sector Built for Change
How has the industrial sector evolved into one of the UK’s most resilient and in‑demand real estate asset classes?In this episode, Newmark’s Steve Sharman and Seb Moseley join NatWest hosts Ashley Toy and Tom Sharman to explore what’s driving industrial today. From automation and power requirements to supply, tenant demand and long‑term structural trends, they discuss why industrial has proven so resilient — and what that means for investors, developers and occupiers looking ahead.All details correct at time of recording.For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html
April 14, 202633 min
Property Perspectives: JLL on the Future of Offices: Rents, Regions & Reality
How are office markets evolving across the UK — and what’s really driving rents, demand and regional divergence? In this episode, JLL’s John Woodger and James Devany join hosts Ashley Toy and Tom Sharman to cut through the noise. They compare trends across London and key regional cities, explore shifting occupier expectations, and reveal what these changes mean for the future of UK offices.NB. This was recorded on 27 January 2026. All details correct at time of recording.For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html
April 13, 202632 min
Property Perspectives: Finding value in retail with New River CEO Allan Lockhart
In this episode, Allan Lockhart, Chief Executive of New River, REIT, joins NatWest hosts Ashley Toy and Tom Sharman to unpack the major forces reshaping the retail real estate landscape.NB. This was recorded on 27 January 2026. All details correct at time of recording.For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html
March 24, 202625 min
Trade Links (episode 10): The Iran war: what will peace look like?
In this episode of Trade Links, Tim Phillips is joined again by Aastha Gupta and Scott Livingstone to explore an unprecedented scenario in global trade: what happens when both the Strait of Hormuz and the Red Sea are compromised at the same time? With escalating tensions in the Middle East and warnings from the Houthi movement, the team considers the far-reaching consequences for energy, food security and global supply chains. They also talk about Donald Trump’s delayed China trip, and how energy security and supply chain resilience will likely overshadow traditional trade topics like tariffs and soybeans.Lastly, they ask the dreaded question: What’s on the Trade Links radar?Clue: fertiliser shortages impacting Brazil and India, potential pressure on Cuba from the US, and rising tensions between Pakistan and Afghanistan.All details correct at time of recording.For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.htmlPlease check out and subscribe to our channels on Apple and Spotify.This episode was recorded on 19 March 2026. All details correct at time of recording.For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html
March 2, 202622 min
Trade Links (episode 9): India's trade deal blitz and the future of the WTO
In this episode of Trade Links, Tim Phillips is joined by Aastha Gupta and Scott Livingstone to unpack the political and economic forces shaping global trade deals and the evolving role of the World Trade Organization (WTO).Key Topics:India’s Trade Deal Blitz: Comparing India’s agreements with the EU, UK, and US – from comprehensive free trade deals to targeted strategic partnerships.Politics vs. Economics: How deals are increasingly shaped by geopolitics, including the impact of US tariffs and India’s Russian oil imports.WTO at a Crossroads: Assessing the organisation’s diminished influence, its historical contribution to global trade, and what a “minimum viable” WTO could look like in a fragmented trade landscape.The Rise of Trade Clubs: Emergence of mini-lateral agreements and managed trade arrangements replacing the old multi-lateral structure.What’s Next: Integration opportunities for India, supply chain diversification for Western economies, and the potential shift in defence and geopolitical alignments.All details correct at time of recording.For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.htmlAll details correct at time of recording.For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html
February 3, 202630 min
Trade Links (episode 8): Coercion, control and the Trade Links curse
As Trade Links returns in 2026, host Tim Phillips is joined by our regular panel of experts, Aastha Gupta (European Economist, Economics and Market Strategy) and Scott Livingstone (International Advisor) to talk trade and the international backdrop. It’s been a dramatic start to the year, so naturally the discussion focuses on US intervention in Venezuela and that most perennial of trade topics… oil. What are the impacts on the region immediately, and longer term?The discussion then turns towards sanctions, and their efficacy in a highly interconnected world – looking at Russia, Iran and South Africa as examples. Can supply chains become sanction proof?Lastly, the panel shares developments that the world may have overlooked, at the time of recording. Since then, of course, everything might have changed. Please check out and subscribe to our channels on Apple and Spotify.This episode was recorded on 22 January 2026.President Trump quoted from press conference: https://www.youtube.com/watch?v=GPpd8AJwGlYAll details correct at time of recording.For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.htmlAll details correct at time of recording.For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html
November 26, 202529 min
Trade Links: Everything, everywhere, all at once - The Year Ahead 2026
In this Trade Links special, host Tim Phillips is joined by guests Aastha Gupta, Scott Livingstone and Ross Walker to talk about what lies ahead in 2026. There's a lot to ponder as global trade tilts towards resilience away from cost efficiency in supply chains, and geopolitically, the world is rearming at pace. So it's good news that the economy is so rosy. Well, maybe not.With topics ranging from national technology competition and rare earths to protectionism and import price inflation, trade in 2026 really is a case of everything, everywhere, all at once. Luckily, the Trade Links panel knows where to look next.To access all the content from our Year Ahead 2026 report, visit natwest.com/yearahead Remember to hit subscribe so you can listen to the latest episodes in this series as soon as they're available and get our views on the big themes and events shaping how the world trades.This episode was recorded on 12 November 2025.All details correct at time of recording.For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.htmlAll details correct at time of recording.For any terms used please refer to this glossary https://www.natwest.com/corporates/insights/markets/glossary.htmlPlease view our full disclaimer here: https://www.natwest.com/corporates/disclaimer.html
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