New UK PM and Chancellor get a rare gift on day one: actual good news.
June borrowing came in at £16bn — below expectations and down a third vs last year. Plus upward revisions to the prior two months.
Unemployment held at 4.9% (vs 5% expected). Wage growth at 3.4% ex-bonuses, 4.3% with.
Nice start. But don't get comfortable — global backdrop is still messy, and one month of data doesn't reverse structural fiscal pressure or labor market tightness.
Still, better to start with tailwinds than headwinds. Let's see if they use the breathing room wisely or waste it on short-term populism.
June borrowing came in at £16bn — below expectations and down a third vs last year. Plus upward revisions to the prior two months.
Unemployment held at 4.9% (vs 5% expected). Wage growth at 3.4% ex-bonuses, 4.3% with.
Nice start. But don't get comfortable — global backdrop is still messy, and one month of data doesn't reverse structural fiscal pressure or labor market tightness.
Still, better to start with tailwinds than headwinds. Let's see if they use the breathing room wisely or waste it on short-term populism.