51�Թ�

A slowdown in both economies as a result of the trade conflict will have a knock-on negative effect on most other countries.

Many people are affected by stock market falls - even if they don't invest in shares directly - because of the knock-on effect on pensions, jobs and interest rates.

This will have a knock-on effect on prices, and recruitment, said Mark Slade, its managing director.

With the creative industries generating £50bn a year for London's economy, the lockdowns had much wider knock-on effects across the city.

Changes to Pip do nevertheless have a knock-on effect for the Holyrood budget, as the money Scotland receives from the Treasury to administer such benefits is linked to UK government spending on equivalent welfare south of the border.