THE BOE WILL LOWER ITS KEY INTEREST RATES SOONER THAN EXPECTED 1/3

The UK economy stalled sharply in Q3, with GDP growth falling to just +0.1%, well below the +0.2% consensus and the BoE's +0.4% expectation. This reversal follows a strong first half of the year and is primarily driven by global trade tensions and weak external demand affecting the productive sector. Consequently, we have revised our 2025 annual growth forecast downward to a range of +0.9% to +1.0%.