On 6 October 2026 the Chancellor of the Exchequer met with economists from the primary dealer firms in the gilt market, the wholesale Gilt-edged Market Makers (GEMMs), in the Treasury.
The purpose of the meeting was to discuss “Views on global and UK economic prospects”.
This meeting was part of a twice-yearly engagement series between the Chancellor and the economists from the wholesale GEMM firms. The meeting was held under the Chatham House rule.
The Chancellor began the meeting by thanking attendees for joining and noted that the purpose of this series of meetings is for him to hear, first-hand, the views of this important group regarding the domestic and global economic outlook. He emphasised the importance of fiscal credibility in a challenging global economic environment, reaffirming the government’s commitment to the fiscal rules and its focus on delivering economic stability, growth and jobs. The Chancellor made clear that he would be in listening mode.
The main points arising at the meeting on global and UK economic prospects are summarised below.
Attendees discussed the UK and global economic outlook in the context of a challenging external environment, including geopolitical developments and evolving financial market conditions. Participants reflected on the resilience of UK economic activity and opportunities to build on recent growth. Participants also exchanged views on the outlook for households, businesses and investment, as well as trends in productivity and labour markets, and their implications for the UK’s medium-term economic outlook.
