GBP: UK GDP expectations and March cut view – TD Securities
By FXStreet Insights Team
Date Published: 11 Feb 2026 | Date Modified: 11 Feb 2026
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TD Securities expects UK GDP to rise 0.1% m/m in December, driven mainly by manufacturing, with services flat. This would leave Q4 2025 GDP at 0.2% q/q, matching consensus and MPR projections, and only modest services growth.
TD Securities expects UK GDP to rise 0.1% m/m in December, driven mainly by manufacturing, with services flat. This would leave Q4 2025 GDP at 0.2% q/q, matching consensus and MPR projections, and only modest services growth. Such tepid performance is seen reinforcing MPC doves and supporting TD’s view of a March rate cut.
Soft growth seen backing early easing
"We expect GDP to eke out a slight gain in December (TDS/Mkt: +0.1% m/m), largely through contributions from the manufacturing sector (TDS: +0.1% m/m, Mkt: -0.1%), as the index of services remains flat (mkt: 0.1%)."
"This would round off 25Q4 GDP at 0.2% q/q, in line with both the consensus and MPR projections, while the services sector likely only shows 0.1% q/q."
"Tepid growth would further feed into the MPC doves' narrative that slack is building in the economy, and reinforce our view of a March cut."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
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