UK Growth Stalls as Resilient Pockets Offset Broader Economic Softness

Building on NatWest’s chief economist insights, the commentary highlights a quarter marked by subdued momentum but selective strength.

• Q3 activity softened amid manufacturing disruptions, weak retail volumes and a cooling labour market, though discretionary spending and tech-linked investment provided support.

• Regional data point to uneven performance: London leads expansion while Northern Ireland stands out on hiring resilience.

• Housing demand, trade balances and consumer sentiment remain under pressure ahead of the Autumn Budget, reinforcing expectations for near-term BoE easing.

For a fuller view of the UK’s patchy outlook and its policy implications, the complete report provides deeper context.