UK Resilience Meets Global Headwinds: Credit Demand and Shutdown Risks

NatWest’s Crosswinds (Oct 6, 2025) offers an updated macro snapshot across the UK, U.S., and Eurozone economies.

• UK households and businesses continue to borrow steadily despite looming tax hikes; mortgage lending rose 15% year-on-year, signaling persistent resilience.

• The U.S. government shutdown complicates data visibility, though its immediate GDP impact is expected to remain limited; labor markets show early signs of softening.

• In the Eurozone, inflation climbed to 2.2% while unemployment rose slightly to 6.3%, with a surprising north-south divergence in labor market strength.

Can the UK’s underlying momentum hold as global and fiscal headwinds converge? Read the full report for detailed insights.