• Quilter Cheviot investment manager Jonathan Raymond said the UK labor market is cooling, but wage pressure persists, complicating the Bank of England outlook.
• Payrolled employees fell 85,000 year-on-year; unemployment held at 4.9%; regular earnings growth stayed at 3.4%.
• Raymond flagged June borrowing at GBP 16 billion, GBP 7.9 billion lower than a year earlier, leaving limited headroom for costly policy pledges.
• He said gilts weakened on fiscal-rule flexibility talk, but John Healey’s appointment as chancellor signals bond-market discipline.
• Raymond cited an expected first move: a household electricity-bill tax cut funded by scrapping the Digital ID program.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Quilter plc published the original content used to generate this news brief on July 21, 2026, and is solely responsible for the information contained therein.