Pantheon Publications
Below is a list of our 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.
Rob Wood (Chief UK Economist)
- In one line: Retail sales growth falls according to the BRC, but it should improve
Rob Wood (Chief UK Economist)UK
- In one line: The PMI falls but still shows solid activity.
Rob Wood (Chief UK Economist)UK
- We cut our forecast for Q3 GDP growth to 0.2% from 0.3% previously, 0.1pp below the MPC’s forecast.
- Ms. Reeves’ Budget will keep the MPC from easing at back-to-back meetings this year.
- We expect four 25bp cuts from rate-setters in 2025, at a pace of one per quarter.
Rob Wood (Chief UK Economist)UK
- In one line: Expectations of further rate cuts continue to lift the housing market and corporate borrowing.
Rob Wood (Chief UK Economist)UK
SLOWLY EASING INFLATION AND A LOOSER BUDGET...
- …THE MPC WILL CUT RATES ONCE PER QUARTER
Rob Wood (Chief UK Economist)UK
- In one line: Consumers’ confidence falls on Budget, clarity on October 30 will help sentiment recover.
Rob Wood (Chief UK Economist)UK
- Rachel Reeves’ loosening of fiscal rules will likely mean £24B per year more borrowing for investment.
- Markets will likely still see the new fiscal rules as credible, avoiding a ‘Liz Truss’ moment...
- ...as Chancellor Reeves’ focus on the current budget deficit shows commitment to sustainable policy.
Rob Wood (Chief UK Economist)UK
- The composite PMI fell to an 11-month low, as Budget uncertainty hit firms.
- The forward-looking balances suggest that the PMI will rebound in November.
- The PMI indicates that inflation is stubborn and firms expanded margins more quickly in October.
Rob Wood (Chief UK Economist)UK
- UK business investment has flatlined for eight years, but an upturn seems to be underway.
- Firms are borrowing again as interest rates fall, and CFOs report the cost of credit is easing.
- Investment intentions signal 2.9% capex growth year-over-year in Q3.
Rob Wood (Chief UK Economist)UK
- In one line:Government borrowing overshoots OBR forecast again, Ms. Reeves will raise planned taxes, spending and borrowing in her October 30 budget.
Rob Wood (Chief UK Economist)UK
- We expect the Chancellor to raise government investment by £24B in 2028/29 in the Budget.
- Ms. Reeves will change the fiscal rules to allow more borrowing to fund the extra investment.
- We expect the Chancellor to target public sector net liabilities falling relative to GDP.
Rob Wood (Chief UK Economist)UK
- In one line:Retail sales defy the rain to rise in September.
Rob Wood (Chief UK Economist)UK
- Surprisingly strong retail sales in September suggest consumers are shrugging off Budget uncertainty.
- Weather and unfavourable seasonals hit September sales, so the trend is better than the headlines.
- Real wage growth and interest rate cuts will help consumer spending support GDP growth in H2.
Rob Wood (Chief UK Economist)UK
- The October 30 Budget will likely boost government spending more than taxes, raising growth.
- Tax hikes will pay for day-to-day spending, while Ms. Reeves will tweak her fiscal rule to boost investment.
- Markets will be unruffled, so gilt yields could fall as any additional sovereign risk premium unwinds.
Rob Wood (Chief UK Economist)UK
- In one line: House prices rebound strongly in August as rate cuts feed through.
Rob Wood (Chief UK Economist)UK
- In one line: Volatile air fares cut CPI services inflation and will rebound, but Governor Bailey will now look for “aggressive" cut.
Rob Wood (Chief UK Economist)UK
- In one line: Slowing wages make a November rate cut a slam dunk as the MPC will ignore dodgy job data.
Rob Wood (Chief UK Economist)UK
- In one line: Slowing wages make a November rate cut a slam dunk as the MPC will ignore dodgy job data.
Rob Wood (Chief UK Economist)UK
- The decline in CPI inflation in September likely leaves Governor Bailey primed for “aggressive” rate cuts.
- But the fall in services inflation was exaggerated by volatile airfares; the MPC likely will look through this.
- We still expect the MPC to cut rates quarterly, but a consecutive cut in December is a close call now.
Rob Wood (Chief UK Economist)UK
