Summary minutes of the Chancellor of the Exchequer’s meeting with the primary dealer firms in the gilt market, on 22 September 2025 in HM Treasury
Published 23 September 2025
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On 22 September 2025 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 Economic Secretary to the Treasury and City Minister.
The purpose of the meeting was to discuss “Views on global and UK economic prospects”.
This was the second meeting of a twice-yearly engagement series between the Chancellor and the wholesale GEMM firms. The previous meeting was held on 6 March 2025[footnote 1]. The meeting was held under Chatham House rules.
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, firsthand, the views of this important group regarding the domestic and global economic outlook. She noted the importance of the growth mission, the need to continue the fight against inflation and her unwavering commitment to meeting the fiscal rules. The Chancellor made clear that she would be in listening mode, noting the upcoming Budget and Office for Budget Responsibility’s economic and fiscal forecast on 26 November 2025.
The main points arising at the meeting on global and UK economic prospects are summarised below.
Attendees discussed developments in the global economic outlook and developments in global financial markets, noting geopolitical events continued to contribute to heightened uncertainty. Attendees shared their views on the UK economy, discussing the balance of supply and demand, labour market conditions, and the near-term outlook for growth and inflation. Finally, discussion turned to longer-term trends including productivity and the supply side capacity of the UK economy.