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  • September’s weak PMI sharpens the downside risk to our calls, but we stick to 0.2% quarterly growth in Q3.
  • GDP growth was well balanced in H1, and credit flows point to solid private demand in Q3 too.
  • Stubborn wages and inflation in the DMP, as spare capacity fails to open up, imply a cautious MPC.

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Keywords for: 6 October 2025 UK Monitor

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