Phoebus reaction to GDP figures

12 June 2026

Richard Pike, Sales and Marketing Director at Phoebus Software:

“These figures present a mixed picture for the UK economy. On the one hand, quarterly growth of 0.7% shows that the economy has carried strong momentum through from the start to the year. However, a slowdown in April was always on the cards, as energy cost shocks start to feed through into the UK economy. The impact of rising costs following the Iran conflict is clearly starting to bite, with households tightening their belts.

“We’ve already seen signs of this in retail, and with fuel costs surging, it’s no surprise that activity has softened.

“The concern is that this loss of momentum could persist. With the cost of living rising again and business costs under pressure, confidence is likely to remain fragile over the coming months. That has clear implications for the housing market, where affordability and certainty are key drivers of activity.”