Happy Boxing Day to you and yours.
Did you know the 12 Days of Christmas only start on Christmas Day? (Email me at sb@southbankresearch.com if you did because it was news to me.)
So, in the spirit of the holidays, here’s an adapted version (make sure you have your cup of tea in hand). Feel free to sing along…
THE 12 DAYS OF CHRISTMAS
On the 1st day of Christmas, the markets sent to me…
• A forced calm in Britain, but no pause for volatility.
On the 2nd day of Christmas, the markets sent to me…
• Two rate-cut rumours
• And forced calm in Britain, but no pause for volatility.
On the 3rd day of Christmas, the markets sent to me…
• Three shaky gilts
• Two rate-cut rumours
• And forced calm in Britain, but no pause for volatility.
On the 4th day of Christmas, the markets sent to me…
• Four tax-rise whispers
• Three shaky gilts
• Two rate-cut rumours
• And forced calm in Britain, but no pause for volatility.
On the 5th day of Christmas, the markets sent to me…
• FIVE LOST GROWTH YEARS
• Four tax-rise whispers
• Three shaky gilts
• Two rate-cut rumours
• And forced calm in Britain, but no pause for volatility.
On the 6th day of Christmas, the markets sent to me…
• Six pledges funded
• FIVE LOST GROWTH YEARS
• Four tax-rise whispers
• Three shaky gilts
• Two rate-cut rumours
• And forced calm in Britain, but no pause for volatility.
On the 7th day of Christmas, the markets sent to me…
• Seven forecasts falling
• Six pledges funded
• FIVE LOST GROWTH YEARS
• Four tax-rise whispers
• Three shaky gilts
• Two rate-cut rumours
• And forced calm in Britain, but no pause for volatility.
On the 8th day of Christmas, the markets sent to me…
• Eight budgets bending
• Seven forecasts falling
• Six pledges funded
• FIVE LOST GROWTH YEARS
• Four tax-rise whispers
• Three shaky gilts
• Two rate-cut rumours
• And forced calm in Britain, but no pause for volatility.
On the 9th day of Christmas, the markets sent to me…
• Nine strikes rumbling
• Eight budgets bending
• Seven forecasts falling
• Six pledges funded
• FIVE LOST GROWTH YEARS
• Four tax-rise whispers
• Three shaky gilts
• Two rate-cut rumours
• And forced calm in Britain, but no pause for volatility.
On the 10th day of Christmas, the markets sent to me…
• Ten nets to zero
• Nine strikes rumbling
• Eight budgets bending
• Seven forecasts falling
• Six pledges funded
• FIVE LOST GROWTH YEARS
• Four tax-rise whispers
• Three shaky gilts
• Two rate-cut rumours
• And forced calm in Britain, but no pause for volatility.
On the 11th day of Christmas, the markets sent to me…
• Eleven bills rising
• Ten nets to zero
• Nine strikes rumbling
• Eight budgets bending
• Seven forecasts falling
• Six pledges funded
• FIVE LOST GROWTH YEARS
• Four tax-rise whispers
• Three shaky gilts
• Two rate-cut rumours
• And forced calm in Britain, but no pause for volatility.
On the 12th day of Christmas, the markets sent to me…
• Twelve months of waiting
• Eleven bills rising
• Ten nets to zero
• Nine strikes rumbling
• Eight budgets bending
• Seven forecasts falling
• Six pledges funded
• FIVE LOST GROWTH YEARS
• Four tax-rise whispers
• Three shaky gilts
• Two rate-cut rumours
• And forced calm in Britain, but no pause for volatility.
To peace and happiness for the last six days of 2025,
Elizabeth Cox
Associate Publisher, Southbank Research
