While the General Election result ushers in a more certain environment for investors, it is unlikely to materially shift the near-term outlook for economic growth.

• The election result does not change the UK’s fiscal outlook. If anything, the thinner-than-expected majority increases the necessity for fiscal prudence.
• Meanwhile, headline inflation is back at the 2% target, but wage growth and services inflation remain high. This means the pace of the forthcoming interest rate cutting cycle is uncertain.
• Real estate investors and occupiers will welcome the victory of a centrist, pro-growth agenda, but this will be quickly replaced by impatience to see more policy detail.
• Nevertheless, with political uncertainty rising elsewhere, yields still high, and interest rates poised to fall further, the UK as a destination for global investment now looks considerably more attractive.

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