Bank of England Agents report: UK economy weak, pay easing

The Bank of England Agents has published its February 2026 Agents’ summary of business conditions (ASBC), covering intelligence gathered in the six weeks to early January and the results of the 2026 Agents’ pay survey.

• Main announcement: The Agents report a lacklustre UK economy with subdued consumer spending, low investment appetite, modest spare capacity, and easing pay pressures; the Agents’ pay survey (fieldwork 1 Dec 2025–6 Jan 2026) gathered 763 responses covering around 1.2 million private sector employees and shows an average expected 2026 settlement of 3.4%, down from 4.0% in 2025.
• Background and details: The summary notes pockets of growth in renewables, infrastructure and industrial/data-center projects, continued weakness in manufactured goods exports (weaker EU demand and US tariff frictions), persistent subdued investment focused on ‘essential’ and digital/AI spend, and that intelligence was gathered in the six weeks to early January; next publication date: 19 March 2026.