Our Country Snapshot series provides an overview of both macroeconomic and microeconomic trends in the region, covering various countries across Europe. We look at how both public and private datapoints have trended in Q3 for the UK. Here is what we highlight: Macro After months of sticky macroeconomic datapoints and low visibility, green shoots may be appearing when it comes to the economic landscape in the UK. Much of 2023 has involved trying to call the bottom of valuations declines or the peak of interest rates. Q3 data shows continued signs of cooling, with Consumer Price Index inflation declining to 6.7% and GDP growth to 0.0%. However, interest rates continued to tick higher, with the bank rate at 5.25% in the quarter, and the impact of this continues to be evident in economic data points. More recently, in October, inflation decreased further to the lowest level since 2021, at 4.3%. However, this is here to stay. Compared with Q2, the pound depreciated against the dollar at £1.22 GBP/USD in Q3.Public equity markets The FTSE 100 continues to lag other European indexes. It is up 5.5% YTD as of September 30, 2023, and 14.7% over the last year almost half the performance compared to the DAX. However, valuations in the market showed some signs of new public listings for UK firms occurred in Q3; both were PE-backed. However, listing activity on the London Stock Exchange (LSE) still poses long-term been the choice for prominent tech companies, such as Arm.