Julian Jessop
@julianhjessop.bsky.social
Independent economist. Likes charts. IEA Economics Fellow. Schools speaker. Diploma in Law. FRSA. COYG. Views here mine only. More on website at www.julianhjessop.com. Also on substack at https://substack.com/@julianhjessop
FYI, final S&P Global UK PMI Composite Output Index came in at 51.2 in November, down from 52.2 in October.
This was at least an upward revision from the flash estimate (50.5), but the average of around 51 over the past 12 months is consistent with quarterly GDP growth of just 0.2% - at best 👇
This was at least an upward revision from the flash estimate (50.5), but the average of around 51 over the past 12 months is consistent with quarterly GDP growth of just 0.2% - at best 👇
December 3, 2025 at 10:39 AM
FYI, final S&P Global UK PMI Composite Output Index came in at 51.2 in November, down from 52.2 in October.
This was at least an upward revision from the flash estimate (50.5), but the average of around 51 over the past 12 months is consistent with quarterly GDP growth of just 0.2% - at best 👇
This was at least an upward revision from the flash estimate (50.5), but the average of around 51 over the past 12 months is consistent with quarterly GDP growth of just 0.2% - at best 👇
Good summary of Miles' testimony yesterday 👇
Reeves was right to say the fiscal position was "very challenging" (obvs), but
✖️ official leaks hurt the economy
✖️ claims that new forecasts allowed the plan to raise tax rates to be dropped were indeed misleading
www.theguardian.com/business/202...
Reeves was right to say the fiscal position was "very challenging" (obvs), but
✖️ official leaks hurt the economy
✖️ claims that new forecasts allowed the plan to raise tax rates to be dropped were indeed misleading
www.theguardian.com/business/202...
OBR complained to Treasury before budget about leaks spreading ‘misconceptions’
Official tells MPs there was lots of information appearing in the press that ‘wasn’t particularly helpful’
www.theguardian.com
December 3, 2025 at 10:33 AM
Good summary of Miles' testimony yesterday 👇
Reeves was right to say the fiscal position was "very challenging" (obvs), but
✖️ official leaks hurt the economy
✖️ claims that new forecasts allowed the plan to raise tax rates to be dropped were indeed misleading
www.theguardian.com/business/202...
Reeves was right to say the fiscal position was "very challenging" (obvs), but
✖️ official leaks hurt the economy
✖️ claims that new forecasts allowed the plan to raise tax rates to be dropped were indeed misleading
www.theguardian.com/business/202...
Chart of the Day 🤓
This is the IOD's Economic Confidence Index, a gauge of business leaders' optimism in the prospects for the UK economy (just click on the image and zoom in...).
My takeaway: this is what happens when a government gives up on growth!
www.iod.com/news/uk-econ...
This is the IOD's Economic Confidence Index, a gauge of business leaders' optimism in the prospects for the UK economy (just click on the image and zoom in...).
My takeaway: this is what happens when a government gives up on growth!
www.iod.com/news/uk-econ...
December 1, 2025 at 11:44 AM
Chart of the Day 🤓
This is the IOD's Economic Confidence Index, a gauge of business leaders' optimism in the prospects for the UK economy (just click on the image and zoom in...).
My takeaway: this is what happens when a government gives up on growth!
www.iod.com/news/uk-econ...
This is the IOD's Economic Confidence Index, a gauge of business leaders' optimism in the prospects for the UK economy (just click on the image and zoom in...).
My takeaway: this is what happens when a government gives up on growth!
www.iod.com/news/uk-econ...
FYI. I've turned my comments on the Budget process into a rather angry blog... 😡
julianhjessop.substack.com/p/the-chance...
julianhjessop.substack.com/p/the-chance...
November 29, 2025 at 12:59 PM
FYI. I've turned my comments on the Budget process into a rather angry blog... 😡
julianhjessop.substack.com/p/the-chance...
julianhjessop.substack.com/p/the-chance...
ICYMI, here were my first thoughts on the Budget...
(Also a warning that the OBR's accidental gaffe should should not be allowed to distract from the deliberate kite-flying and misinformation that came from HMT and No.10... 😠)
julianhjessop.substack.com/p/rachel-ree...
(Also a warning that the OBR's accidental gaffe should should not be allowed to distract from the deliberate kite-flying and misinformation that came from HMT and No.10... 😠)
julianhjessop.substack.com/p/rachel-ree...
November 26, 2025 at 4:47 PM
ICYMI, here were my first thoughts on the Budget...
(Also a warning that the OBR's accidental gaffe should should not be allowed to distract from the deliberate kite-flying and misinformation that came from HMT and No.10... 😠)
julianhjessop.substack.com/p/rachel-ree...
(Also a warning that the OBR's accidental gaffe should should not be allowed to distract from the deliberate kite-flying and misinformation that came from HMT and No.10... 😠)
julianhjessop.substack.com/p/rachel-ree...
I've had a quick rant about the pre-Budget announcements on the National Living Wage... 🙄
(And yes, I do explain why minimum wages should be lower for younger workers)
julianhjessop.substack.com/p/why-is-the...
(And yes, I do explain why minimum wages should be lower for younger workers)
julianhjessop.substack.com/p/why-is-the...
November 25, 2025 at 7:14 PM
I've had a quick rant about the pre-Budget announcements on the National Living Wage... 🙄
(And yes, I do explain why minimum wages should be lower for younger workers)
julianhjessop.substack.com/p/why-is-the...
(And yes, I do explain why minimum wages should be lower for younger workers)
julianhjessop.substack.com/p/why-is-the...
FYI, I have a piece in @TheCriticMag, previewing the Budget... ✍️🤔
(In a fit of deranged optimism I have gone with 'could', not 'will'!)
thecritic.co.uk/how-the-budg...
(In a fit of deranged optimism I have gone with 'could', not 'will'!)
thecritic.co.uk/how-the-budg...
How the budget could backfire | Julian Jessop | The Critic Magazine
It has felt like an eternity, but Rachel Reeves will finally unveil her second Autumn Budget on Wednesday. In the meantime, the economy has stalled as growing uncertainty has weighed on spending…
thecritic.co.uk
November 24, 2025 at 11:47 AM
FYI, I have a piece in @TheCriticMag, previewing the Budget... ✍️🤔
(In a fit of deranged optimism I have gone with 'could', not 'will'!)
thecritic.co.uk/how-the-budg...
(In a fit of deranged optimism I have gone with 'could', not 'will'!)
thecritic.co.uk/how-the-budg...
Chart of the Day 🤓
Today's flash UK PMI for November signalled a renewed acceleration in job losses in the private sector, largely due to rising labour costs and additional pre-Budget uncertainty...🙄
www.spglobal.com/marketintell...
Today's flash UK PMI for November signalled a renewed acceleration in job losses in the private sector, largely due to rising labour costs and additional pre-Budget uncertainty...🙄
www.spglobal.com/marketintell...
November 21, 2025 at 6:52 PM
Chart of the Day 🤓
Today's flash UK PMI for November signalled a renewed acceleration in job losses in the private sector, largely due to rising labour costs and additional pre-Budget uncertainty...🙄
www.spglobal.com/marketintell...
Today's flash UK PMI for November signalled a renewed acceleration in job losses in the private sector, largely due to rising labour costs and additional pre-Budget uncertainty...🙄
www.spglobal.com/marketintell...
FYI, here's the last of my trilogy of notes previewing next week's Budget. I've tried to find some possible upsides, but will leave it to others to judge whether I've succeeded... 🤞
Hopefully see you all on the other side!
julianhjessop.substack.com/p/will-rache...
Hopefully see you all on the other side!
julianhjessop.substack.com/p/will-rache...
November 20, 2025 at 6:31 PM
FYI, here's the last of my trilogy of notes previewing next week's Budget. I've tried to find some possible upsides, but will leave it to others to judge whether I've succeeded... 🤞
Hopefully see you all on the other side!
julianhjessop.substack.com/p/will-rache...
Hopefully see you all on the other side!
julianhjessop.substack.com/p/will-rache...
FYI, here are some thoughts on how Rachel Reeves could increase the tax burden by another £30 billion next week, split roughly £10 billion from broad-based increases in taxes on income and £20 billion from a dog’s breakfast of smaller measures... 🤔
julianhjessop.substack.com/p/how-might-...
julianhjessop.substack.com/p/how-might-...
November 19, 2025 at 5:47 PM
FYI, here are some thoughts on how Rachel Reeves could increase the tax burden by another £30 billion next week, split roughly £10 billion from broad-based increases in taxes on income and £20 billion from a dog’s breakfast of smaller measures... 🤔
julianhjessop.substack.com/p/how-might-...
julianhjessop.substack.com/p/how-might-...
Some quick thoughts (for the IEA) on this morning's news that headline inflation fell to 3.6% in October... 🤷♂️
iea.org.uk/media/uk-inf...
iea.org.uk/media/uk-inf...
UK inflation remains stubbornly high
Commenting on today’s inflation figures, Julian Jessop, Economics Fellow at the free market think tank the Institute of Economic Affairs, … Continue reading "UK inflation remains stubbornly high"
iea.org.uk
November 19, 2025 at 8:53 AM
Some quick thoughts (for the IEA) on this morning's news that headline inflation fell to 3.6% in October... 🤷♂️
iea.org.uk/media/uk-inf...
iea.org.uk/media/uk-inf...
FYI, I've fleshed out some thoughts on what is likely to be in next week's Budget, starting with a guesstimate at the size of the financial hole... 🤔
(almost certainly wrong, but hopefully in a relatively sophisticated way! 🤓)
julianhjessop.substack.com/p/the-chance...
(almost certainly wrong, but hopefully in a relatively sophisticated way! 🤓)
julianhjessop.substack.com/p/the-chance...
November 18, 2025 at 5:54 PM
FYI, I've fleshed out some thoughts on what is likely to be in next week's Budget, starting with a guesstimate at the size of the financial hole... 🤔
(almost certainly wrong, but hopefully in a relatively sophisticated way! 🤓)
julianhjessop.substack.com/p/the-chance...
(almost certainly wrong, but hopefully in a relatively sophisticated way! 🤓)
julianhjessop.substack.com/p/the-chance...
Even more evidence that Budget speculation is undermining the economy... 🙄
The S&P Global UK Consumer Sentiment Index fell sharply this month, led by expectations for household finances 👇
NB. the more closely watched GfK survey is out on Friday... ⚠️
www.pmi.spglobal.com/Public/Home/...
The S&P Global UK Consumer Sentiment Index fell sharply this month, led by expectations for household finances 👇
NB. the more closely watched GfK survey is out on Friday... ⚠️
www.pmi.spglobal.com/Public/Home/...
November 18, 2025 at 4:56 PM
Even more evidence that Budget speculation is undermining the economy... 🙄
The S&P Global UK Consumer Sentiment Index fell sharply this month, led by expectations for household finances 👇
NB. the more closely watched GfK survey is out on Friday... ⚠️
www.pmi.spglobal.com/Public/Home/...
The S&P Global UK Consumer Sentiment Index fell sharply this month, led by expectations for household finances 👇
NB. the more closely watched GfK survey is out on Friday... ⚠️
www.pmi.spglobal.com/Public/Home/...
FWIW, I'm very willing to believe that more Brits are fleeing the country under this Labour government, but the new ONS data are not necessarily proof that the 'brain drain' is getting any worse... 🤔🧵
news.sky.com/story/number...
news.sky.com/story/number...
Number of Britons leaving the UK higher than previously thought
The Office for National Statistics (ONS) figures come a day after the home secretary announced the biggest shake-up of the asylum system since the Second World War.
news.sky.com
November 18, 2025 at 4:30 PM
FWIW, I'm very willing to believe that more Brits are fleeing the country under this Labour government, but the new ONS data are not necessarily proof that the 'brain drain' is getting any worse... 🤔🧵
news.sky.com/story/number...
news.sky.com/story/number...
FYI, the bond markets - quite rightly - are not buying Labour's spin on the Budget tax U-turn...
Gilt yields closed up between 8 and 16 basis points on the day.
www.bloomberg.com/markets/rate...
Gilt yields closed up between 8 and 16 basis points on the day.
www.bloomberg.com/markets/rate...
November 14, 2025 at 5:40 PM
FYI, the bond markets - quite rightly - are not buying Labour's spin on the Budget tax U-turn...
Gilt yields closed up between 8 and 16 basis points on the day.
www.bloomberg.com/markets/rate...
Gilt yields closed up between 8 and 16 basis points on the day.
www.bloomberg.com/markets/rate...
ICYMI, here are some thoughts on the latest twists and turns in the Budget saga (only 12 more days of this to go... 🙄)
julianhjessop.substack.com/p/this-is-no...
julianhjessop.substack.com/p/this-is-no...
November 14, 2025 at 4:28 PM
ICYMI, here are some thoughts on the latest twists and turns in the Budget saga (only 12 more days of this to go... 🙄)
julianhjessop.substack.com/p/this-is-no...
julianhjessop.substack.com/p/this-is-no...
Really important chart from the ONS... 🤓
The flipside of the fall in payroll jobs is that the UK's performance on labour productivity may actually have improved sharply - just as the OBR is about to downgrade its estimates for trend growth in the Budget 🙄
The flipside of the fall in payroll jobs is that the UK's performance on labour productivity may actually have improved sharply - just as the OBR is about to downgrade its estimates for trend growth in the Budget 🙄
November 13, 2025 at 3:29 PM
Really important chart from the ONS... 🤓
The flipside of the fall in payroll jobs is that the UK's performance on labour productivity may actually have improved sharply - just as the OBR is about to downgrade its estimates for trend growth in the Budget 🙄
The flipside of the fall in payroll jobs is that the UK's performance on labour productivity may actually have improved sharply - just as the OBR is about to downgrade its estimates for trend growth in the Budget 🙄
ICYMI, here was my take on this morning's UK GDP data... 🤔
TL;DR - Growth fizzles out as Budget looms
The latest news on the UK economy confirms that the apparently strong growth in the first half of the year (which was still weaker than in H1 2024) has already fizzled out... (1/5)
TL;DR - Growth fizzles out as Budget looms
The latest news on the UK economy confirms that the apparently strong growth in the first half of the year (which was still weaker than in H1 2024) has already fizzled out... (1/5)
November 13, 2025 at 3:20 PM
ICYMI, here was my take on this morning's UK GDP data... 🤔
TL;DR - Growth fizzles out as Budget looms
The latest news on the UK economy confirms that the apparently strong growth in the first half of the year (which was still weaker than in H1 2024) has already fizzled out... (1/5)
TL;DR - Growth fizzles out as Budget looms
The latest news on the UK economy confirms that the apparently strong growth in the first half of the year (which was still weaker than in H1 2024) has already fizzled out... (1/5)
Good piece by Tom Calver on the UK's fiscal mess (and I'm not just saying that because he was kind enough to quote me 😉)...
www.thetimes.com/comment/colu...
www.thetimes.com/comment/colu...
How much of our economic mess is Rachel Reeves’s fault?
The chancellor was at pains last week to blame everyone else for the tax rises she is likely to announce in the budget
www.thetimes.com
November 9, 2025 at 10:34 AM
Good piece by Tom Calver on the UK's fiscal mess (and I'm not just saying that because he was kind enough to quote me 😉)...
www.thetimes.com/comment/colu...
www.thetimes.com/comment/colu...
📢 Amidst all the talk about increases in tax *rates*, don't forget the other way in which Rachel Reeves is likely to raise a lot more from income tax - extending the freeze on *thresholds*.
Even she said that this would "hurt working people" when ruling it out last year... 👇
Even she said that this would "hurt working people" when ruling it out last year... 👇
November 8, 2025 at 9:51 AM
📢 Amidst all the talk about increases in tax *rates*, don't forget the other way in which Rachel Reeves is likely to raise a lot more from income tax - extending the freeze on *thresholds*.
Even she said that this would "hurt working people" when ruling it out last year... 👇
Even she said that this would "hurt working people" when ruling it out last year... 👇
FYI, Musk is not actually going to get $1 trillion...
That figure assumes he hits some nearly impossible targets over the next ten years, and would mainly be paid in shares anyway.
But if does hit those targets, creating many times $1 trillion in value for shareholders, why not? 🤷♂️
That figure assumes he hits some nearly impossible targets over the next ten years, and would mainly be paid in shares anyway.
But if does hit those targets, creating many times $1 trillion in value for shareholders, why not? 🤷♂️
November 8, 2025 at 8:02 AM
FYI, Musk is not actually going to get $1 trillion...
That figure assumes he hits some nearly impossible targets over the next ten years, and would mainly be paid in shares anyway.
But if does hit those targets, creating many times $1 trillion in value for shareholders, why not? 🤷♂️
That figure assumes he hits some nearly impossible targets over the next ten years, and would mainly be paid in shares anyway.
But if does hit those targets, creating many times $1 trillion in value for shareholders, why not? 🤷♂️
FWIW, my main takeaway from this piece - once again - is that No.10 has taken control of the Budget (and probably had to do so).
This will be just as much Keir Starmer's gamble as Rachel Reeves', and they will stand, or fall, together...
www.theguardian.com/uk-news/2025...
This will be just as much Keir Starmer's gamble as Rachel Reeves', and they will stand, or fall, together...
www.theguardian.com/uk-news/2025...
Breakfasts at No 10: buttering up Labour MPs to avoid a budget backlash
Downing Street has been preparing MPs for going back on its manifesto pledge and raising income tax
www.theguardian.com
November 8, 2025 at 12:20 AM
FWIW, my main takeaway from this piece - once again - is that No.10 has taken control of the Budget (and probably had to do so).
This will be just as much Keir Starmer's gamble as Rachel Reeves', and they will stand, or fall, together...
www.theguardian.com/uk-news/2025...
This will be just as much Keir Starmer's gamble as Rachel Reeves', and they will stand, or fall, together...
www.theguardian.com/uk-news/2025...
Looks like there's just enough public support for a pay-per-mile EV tax to ensure it makes it into the Budget... 👍
November 6, 2025 at 11:15 PM
Looks like there's just enough public support for a pay-per-mile EV tax to ensure it makes it into the Budget... 👍
"Rachel Reeves plans to raise income tax..."
No longer a surprise, but this proposal (2p on all income tax rates, partially offset by 2p off employee NI for lower earners) blows a lot of political capital for not a lot of revenue gain (just £6bn?) (1/2)
www.thetimes.com/uk/politics/...
No longer a surprise, but this proposal (2p on all income tax rates, partially offset by 2p off employee NI for lower earners) blows a lot of political capital for not a lot of revenue gain (just £6bn?) (1/2)
www.thetimes.com/uk/politics/...
Rachel Reeves plans to raise income tax in upcoming budget
The chancellor’s submission to Office for Budget Responsibility strongly indicates she will be reversing a key manifesto pledge this month
www.thetimes.com
November 6, 2025 at 11:04 PM
"Rachel Reeves plans to raise income tax..."
No longer a surprise, but this proposal (2p on all income tax rates, partially offset by 2p off employee NI for lower earners) blows a lot of political capital for not a lot of revenue gain (just £6bn?) (1/2)
www.thetimes.com/uk/politics/...
No longer a surprise, but this proposal (2p on all income tax rates, partially offset by 2p off employee NI for lower earners) blows a lot of political capital for not a lot of revenue gain (just £6bn?) (1/2)
www.thetimes.com/uk/politics/...
FYI, I've pulled together some thoughts on pay-per-mile charging for EVs... 🤔
open.substack.com/pub/julianhj...
open.substack.com/pub/julianhj...
November 6, 2025 at 10:23 PM
FYI, I've pulled together some thoughts on pay-per-mile charging for EVs... 🤔
open.substack.com/pub/julianhj...
open.substack.com/pub/julianhj...