Episode
UBS On-Air: Paul Donovan Daily Audio 'Resilience—economics 1, politics 0'
- Podcast
- UBS On-Air: Market Moves
- Published
- May 14, 2026
- Duration seconds
- 180
- Processing state
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Summary
UK first quarter GDP was stronger than expected, led by the consumer. As elsewhere, consumers have reduced savings rates to afford higher oil prices. UK consumers can also adjust oil demand via flexible working and online retail. Politics is overshadowing economics, with a possible challenge to Prime Minister Starmer. Former deputy Labour leader Rayner was cleared of tax wrongdoing, increasing the chances of a challenge. However, any change of leadership is not likely to substantially change fiscal policy.