Gilt Market Turbulence, Sterling Weakness, & Labour’s Fiscal Test

by Billy Buddell

In this paper, we discuss:

• The recent news about the UK’s fiscal position, which has caused a rise in yields and an increase in Sterling risk;
• Rachel Reeves’ fiscal discipline dilemma ahead of the November Budget;
• The decision by PM Starmer to appoint Minouche Shafik as Chief Economic Advisor; and
• The recent themes impacting the UK: productivity growth, digital asset strategy and Tech pivots and the rise of populism.

Download PDF: UK Economy September 2025