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  • A stabilising labour market and sticky underlying inflation support out call for no more rate cuts.
  • Hawkish details in the MPC minutes raise the bar to another cut this year.
  • Awful public finance data reduce the chance that Chancellor Reeves will soften duty hikes next year.

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Keywords for: 22 September 2025 UK Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence