Global Macro Research
Global Macro ResearchThe Monthly Macro Outlook Video – September 2025
Legal battles, tariff twists and fiscal challenges—Lizzy Galbraith unpacks the forces shaping the US and UK economies in the coming months.
Author
Lizzy Galbraith
Senior Political Economist
Duration: 3 Mins
Date: Sep 17, 2025
Policy uncertainty is back in the spotlight. Lizzy Galbraith explores how ongoing US legal action and the UK’s upcoming budget could reshape the outlook for investors and businesses.
Key highlights:
- Tariff turbulence. Why a Supreme Court decision could upend the US tariff framework—and what’s at stake for government revenue.
- Deficit dilemmas. How changes to US tariff powers might impact a US$3 trillion forecast in tax revenues.
- Budget balancing act. Why UK chancellor Rachel Reeves faces tough choices as borrowing costs rise and fiscal headroom shrinks.
- Tax tweaks. Which UK taxes Reeves is likely to target, and which are politically off-limits?
- Business uncertainty. How shifting policies could affect confidence just as markets seek stability.
Watch the video for more details.
