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January 23, 2026
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HEW: Recovering UK Data

  • UK macro data filled a release calendar with positive news on activity from retail sales, the PMIs, public finances, and even unemployment through its first stability since July.
  • Inflation data didn’t offset this hawkish pressure. It increased despite the early sample and the EA rate getting revised even softer. Greenland’s travails distracted markets.
  • Next week’s calendar is dominated by the Fed’s guidance around its likely unchanged policy decision. We don’t see the Fed in any rush to cut again, nor the BoE or ECB.

By Philip Rush

January 22, 2026
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UK: Only A Little Less Fiscally Bleak

  • The UK public finances ended 2025 bullishly with cash receipts jumping ahead of forecasts, sending an encouraging signal ahead of January’s critical tax deadline.
  • Tracking a slightly better performance in 2025-26 is unlikely to create a post-pandemic low in borrowing after years of imprudence that relied on restraint rolling ever later.
  • Borrowing should be £30-40bn above the initial forecast for this year, made during the depths of covid doom. Fiscal slippage remains the real rule investors should remember.

By Philip Rush

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