Summary minutes
Published 24 March 2026
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Summary minutes of the Chancellor of the Exchequer’s meeting with the primary dealer firms in the gilt market, on 23 March 2026 in HM Treasury
On 23 March 2026 the Chancellor of the Exchequer met with economists from the primary dealer firms in the gilt market, the wholesale Gilt-edged Market Makers (GEMMs), in the Treasury. The Chancellor was joined by the Minister for Pensions.
The purpose of the meeting was to discuss “Views on global and UK economic prospects”.
This was the third meeting of a twice-yearly engagement series between the Chancellor and the wholesale GEMM firms. The meeting was held under the Chatham House rule.
The Chancellor began the meeting by thanking attendees for joining and noted that the purpose of this series of meetings is for her to hear, first-hand, the views of this important group regarding the domestic and global economic outlook. She noted the uncertain macroeconomic environment from the ongoing conflict in the Middle East and the importance of the government’s economic and fiscal strategy in this context, including her unwavering commitment to the fiscal rules. The Chancellor made clear that she would be in listening mode.
The main points arising at the meeting on global and UK economic prospects are summarised below.
Attendees outlined the evolving global economic landscape, noting ongoing geopolitical uncertainty and the economic risks posed by a sustained energy shock. Discussion covered international policy responses, alongside views on global inflation, growth, and labour market trends. Attendees touched on market sentiment and investor perspectives on UK assets. Attendees also shared views on trends relevant to the UK, including productivity, supply side capacity, and broader structural factors shaping the UK’s medium term economic prospects.