Summary minutes of the Chancellor of the Exchequer’s meeting with the primary dealer firms in the gilt market, on 6 March 2025 in HM Treasury
Published 7 March 2025
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On 6 March 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 purpose of the meeting was to discuss ‘Views on global and UK economic prospects’.
This was the inaugural meeting of a new, twice-yearly engagement series between the Chancellor and the wholesale GEMM firms.
The Chancellor began the meeting by thanking attendees for joining and noted that the purpose of the meeting was for her to hear, firsthand, the views of this important group regarding the domestic and global economic outlook. The Chancellor made clear that she would be in listening mode, noting the upcoming Office for Budget Responsibility economic and fiscal forecast on 26 March 2025.
The Chancellor reiterated that growth is the number one priority of the government, noting the significant progress made so far in the government’s plan for growth, while also acknowledging that delivering on these ambitions does not happen overnight.
She went on to state that the government is committed to bearing down on spending through efficiency and reform, with the first zero-based review in 17 years, and these principles would underpin the multi-year Spending Review on 11 June 2025. She also noted her unwavering commitment to the fiscal rules.
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 recent moves in global financial markets, where it was noted that recent geopolitical events had been causing volatility. Attendees discussed the potential macroeconomic impacts of recent policy announcements in Europe including implications for the UK economy. Attendees also discussed wider global policy uncertainty and developments in trade policy. Attendees shared their views on the UK economy, the balance of supply and demand, and the outlook for growth and inflation. Attendees also discussed the UK’s longer-term growth and productivity trends and longer-term dynamics in inflation.
The Chancellor closed the meeting by thanking participants for attending.