Pantheon Macroeconomics economist Elliott Jordan-Doak pointed out that the spending composition of the UK's GDP data for the third quarter was not much revised, but the growth structure was slightly balanced compared to the second quarter. At that time, government spending growth contributed a large part of output growth. Looking ahead to 2026, improved consumer confidence — likely thanks to the government shelving plans to raise income taxes — bodes well for consumer spending. He believes that as the dust settles on the budget, GDP growth should accelerate in the first quarter, which will boost labor demand and ease concerns about a slowing labor market. Thus, at a stage where inflation is still high, consumers can lower their savings rate to support spending.

Pantheon Macroeconomics economist Elliott Jordan-Doak pointed out that the spending composition of the UK's GDP data for the third quarter was not much revised, but the growth structure was slightly balanced compared to the second quarter. At that time, government spending growth contributed a large part of output growth. Looking ahead to 2026, improved consumer confidence — likely thanks to the government shelving plans to raise income taxes — bodes well for consumer spending. He believes that as the dust settles on the budget, GDP growth should accelerate in the first quarter, which will boost labor demand and ease concerns about a slowing labor market. Thus, at a stage where inflation is still high, consumers can lower their savings rate to support spending.