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Below is a list of our U.K. Publications for the last 6 months. If you are looking for reports older than 6 months please email info@pantheonmacro.com, or contact your account rep
Please use the filters on the right to search for a specific date or topic.
The slowdown in the pace of core price rises in the Eurozone in November is a good omen for the U.K.
Inflation expectations among households and businesses are falling, now that a recession is taking hold.
Manufacturers’ and retailers’ excess inventory reinforces the case for expecting goods inflation to drop.
Retail sales edged up in July and will benefit in August from Cost of Living grants and the NI threshold hike.
October's energy bill increase will hit real incomes by nearly 4pp; current grants will offset only half that hit...
...But the next PM likely will beef up and extend the current grants sufficiently to prevent a recession.
We think that GDP dropped by 1.6% month-to-month in June, almost entirely due to the extra public holiday.
GDP fell by 2.2% in 2002 and 1.7% in 2012; changes in the economy's composition since then won't help much.
Our forecast implies GDP fell by 0.3% q/q in Q2, but this probably won't mark the start of a recession.
The MPC's forecasts signal clearly that markets' medium-term expectations for Bank Rate are too high.
But concerns about persistence in domestic price setting, and looser fiscal policy, will spur further hikes.
We now expect the MPC to raise Bank Rate to 2.00% in September and 2.25% in November, and then to pause.
The effective interest rate on the stock of mortgages rose by only 11bp in H1, but will jump by 30bp in H2...
...and by a further 30bp over the course of 2023, if markets are right about the path for risk-free rates.
Firms still are very exposed to movements in short- rates; the transmission mechanism remains powerful.
House purchase demand is falling quickly in response to the jump in mortgage rates and drop in real incomes.
New mortgage rates look set to rise further in Q3, greatly weighing on approvals.
A contraction in supply, however, will prevent a slump in prices; we still forecast a modest 2% decline in H2 2022.
We have revised up our forecast for Q4 CPI inflation by 1.0pp since early July; energy prices have surged again.
But we have revised down our forecast for the level of GDP by only 0.5pp in Q4; fiscal policy will respond.
People also have shown more willingness to deplete savings; we still expect a recession to be narrowly avoided.
Retail sales volumes continued to decline in May in response to rapidly rising prices.
Consumer confidence deteriorated further in June, but retail sales should start to recover slowly soon...
Real disposable incomes will rise in Q3, thanks to Mr. Sunak’s grants; dis-saving and borrowing will help too.
Q1 GDP grew faster in the U.K. than overseas because consumers were shielded from higher energy prices.
Monthly data show growth slowed during Q1; falling retail sales were more than just a consumer rotation.
Falling real incomes, declining health spending and the extra bank holiday will reduce GDP in Q2.
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