Outlook on the United Kingdom in 2024

Outlook — Lazard Asset Management

January 08, 2024

Lazard's Outlook series provides a forward-looking view, over the short, medium, and/or long term, of asset classes, sectors, regions, or countries from the view of Lazard Asset Management. In this edition, LAM portfolio managers share their outlook for the United Kingdom in 2024. 


  • Higher rates have brought U.K. economic growth to a halt in the past two quarters, but falling inflation, rising real incomes and a relatively resilient consumer mean the gloom should not be overdone.

  • In common with other developed stock markets, excitement about the scope for interest rate cuts this year has generated exuberance in U.K. equities in recent weeks, leaving share prices vulnerable to a potential pullback should rate expectations recalibrate to more realistic levels.

  • The sickly state of the U.K. stock market is finally commanding the attention of policymakers. With a pipeline of possible structural reforms and the potential new Labour government committed to harnessing the pension sector to boost domestic investment, could the despair surrounding UK equities finally begin to lift in 2024?

Click here to read our Outlook on the United Kingdom in 2024.

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