The UK consolidates its recovery from recession. 2024 GDP growth above +1%. Inflation not quite under control. Monetary policy finally more flexible. Moderately positive outlook for bonds, real estate and equities.

Key points

• Further UK GDP growth of +0.6
• Positive 3rd quarter driven by consumer spending
• Leading indicators strengthen
• Uncertain trends in the job market
• Improvement in household confidence
• Inflation not yet fully under control
• BoE adopts cautious rate-cutting policy
• Bond market looks more attractive
• BoE restraint will benefit the pound
• Short-term securitized real estate moderately attractive
• FTSE100 lacks catalyst for rise

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