This month we run through the latest data on UK GDP and the labour market and what this means for upcoming Monetary Policy Committee debate. Unavoidably, we again touch on US tariff developments. UK GDP eked out growth of 0.1 per cent in the final three months of 2025 (chart 1), the same pace of increase as Q3. This took full year 2025 growth to 1.3 per cent, a shade better than 2024 (1.1 per cent) and better than growth of less than one percent that many were expecting at the start of the year. [...]