Andy Bruce (Reuters)
@bruceandy.bsky.social
Bit of this, bit of that at Reuters.
UK economy and north of England correspondent.
☀️ Stockport ☀️
💬 Signal: bruce.369
UK economy and north of England correspondent.
☀️ Stockport ☀️
💬 Signal: bruce.369
Get the feeling this stuff isn't v well thought through (there's a shock!)
On one hand they are actively trying to draw retail investors into T-bills/gilts - but with the other hand make it harder to for people to do that in the most popular investment vehicle 🤪
On one hand they are actively trying to draw retail investors into T-bills/gilts - but with the other hand make it harder to for people to do that in the most popular investment vehicle 🤪
January 15, 2026 at 4:55 PM
Get the feeling this stuff isn't v well thought through (there's a shock!)
On one hand they are actively trying to draw retail investors into T-bills/gilts - but with the other hand make it harder to for people to do that in the most popular investment vehicle 🤪
On one hand they are actively trying to draw retail investors into T-bills/gilts - but with the other hand make it harder to for people to do that in the most popular investment vehicle 🤪
I wondered if the new ISA rules might help at the margin - you soon won't be able transfer out of Stocks & Shares into Cash ISAs. And penalised for holding cash in an S&S ISA - all very annoying if stocks tank. So maybe gilts increasingly become the answer? Whether in the ISA wrapper or outside?
January 15, 2026 at 4:28 PM
I wondered if the new ISA rules might help at the margin - you soon won't be able transfer out of Stocks & Shares into Cash ISAs. And penalised for holding cash in an S&S ISA - all very annoying if stocks tank. So maybe gilts increasingly become the answer? Whether in the ISA wrapper or outside?
Sorry, that was a sort of unstructured mini-rant in reply to you!
January 15, 2026 at 9:49 AM
Sorry, that was a sort of unstructured mini-rant in reply to you!
And so that invites the market (and media ofc) to fixate on the implications of fairly short-term data, and you get this nasty, reflexive equilibrium that we're in.
January 15, 2026 at 9:49 AM
And so that invites the market (and media ofc) to fixate on the implications of fairly short-term data, and you get this nasty, reflexive equilibrium that we're in.
I saw Simon Wren-Lewis arguing that decision to shorten the timeframe of the current budget deficit rule (to show fiscal toughness) has actually made things more volatile, as whether you hit it or becomes much more about the business cycle over short periods rather than structural factors
January 15, 2026 at 9:49 AM
I saw Simon Wren-Lewis arguing that decision to shorten the timeframe of the current budget deficit rule (to show fiscal toughness) has actually made things more volatile, as whether you hit it or becomes much more about the business cycle over short periods rather than structural factors
Additionally the fiscal rules play into the economic debate in an unhealthy way now, since we are rubbing up against the limits of these anchors in ways that haven't been a problem for a few decades. And that still needs fixing.
January 15, 2026 at 9:49 AM
Additionally the fiscal rules play into the economic debate in an unhealthy way now, since we are rubbing up against the limits of these anchors in ways that haven't been a problem for a few decades. And that still needs fixing.
Hmm, I think it's become worse.
ONS has been fairly candid that publication of monthly GDP data - which is volatile - has exacerbated this kind of coverage, and they're emphasising the 3-month average more. Which I think is right. If I'm writing the story, I emphasise that too.
ONS has been fairly candid that publication of monthly GDP data - which is volatile - has exacerbated this kind of coverage, and they're emphasising the 3-month average more. Which I think is right. If I'm writing the story, I emphasise that too.
January 15, 2026 at 9:49 AM
Hmm, I think it's become worse.
ONS has been fairly candid that publication of monthly GDP data - which is volatile - has exacerbated this kind of coverage, and they're emphasising the 3-month average more. Which I think is right. If I'm writing the story, I emphasise that too.
ONS has been fairly candid that publication of monthly GDP data - which is volatile - has exacerbated this kind of coverage, and they're emphasising the 3-month average more. Which I think is right. If I'm writing the story, I emphasise that too.
Not sure if that's a very helpful way to frame things, but I'm a pretty unhelpful kinda guy
January 15, 2026 at 9:40 AM
Not sure if that's a very helpful way to frame things, but I'm a pretty unhelpful kinda guy
Level of GDP touches a new high in latest release.
Economy has grown by 1.7% since Labour took office, about twice as fast as the Coalition government's record from the same starting point, but a lot less than the post-2015 government.
Economy has grown by 1.7% since Labour took office, about twice as fast as the Coalition government's record from the same starting point, but a lot less than the post-2015 government.
January 15, 2026 at 9:39 AM
Level of GDP touches a new high in latest release.
Economy has grown by 1.7% since Labour took office, about twice as fast as the Coalition government's record from the same starting point, but a lot less than the post-2015 government.
Economy has grown by 1.7% since Labour took office, about twice as fast as the Coalition government's record from the same starting point, but a lot less than the post-2015 government.
Here's the rebound in car production following the JLR hack.
Not quite yet at previous levels seen in 2024-25 but substantially recovered.
Not quite yet at previous levels seen in 2024-25 but substantially recovered.
January 15, 2026 at 9:24 AM
Here's the rebound in car production following the JLR hack.
Not quite yet at previous levels seen in 2024-25 but substantially recovered.
Not quite yet at previous levels seen in 2024-25 but substantially recovered.