The wider economy has been strengthening through 2026 Iran and global oil and energy markets remain significant risks to growth and inflation Global bond market jitters place pressure on government and private sector Governments, companies, households all paying higher rates for longer Labour market remains tight, and lower migration will restrict supply Expectations for household spending are uncertain with inflation outlook Though reasons to be optimistic on savings data Government fiscal space is tight: more tax rises in the future Continued uncertainty over government policy and trajectory, particularly this parliament Manchesterism might becoming a national policy: long-term opportunities, but few quick wins