UK GDP figures for 2025 Q1 exceeded expectations when they were released earlier this month, showing a 0.7% increase on the previous quarter. The elevated figure was driven by an increase in net trade ahead of the expected imposition of tariffs by the US, and by a rise in business investment, which is at odds with recent surveys of business sentiment. As a result, we do not expect this positive surprise to have a material impact on the near-term outlook,