{"id":27727,"date":"2025-12-10T14:36:46","date_gmt":"2025-12-10T19:36:46","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/?p=27727"},"modified":"2025-12-10T14:36:47","modified_gmt":"2025-12-10T19:36:47","slug":"global-insight-2026-outlook-united-kingdom","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/insights\/global-insight-2026-outlook-united-kingdom","title":{"rendered":"Perspectives mondiales\u00a0\u2013 Panorama\u00a02026\u00a0: Royaume-Uni"},"content":{"rendered":"\n<p><strong>Par Fr\u00e9d\u00e9rique Carrier; Rufaro Chiriseri, CFA; Thomas McGarrity, CFA<\/strong><\/p>\n\n\n\n<!-- KEY POINTS -->\n    <div class=\"well b-blue-tint-4 mb-3\">\n      <ul class=\"list-spaced medium\">\n        <li>\n          Le Royaume-Uni est confront\u00e9 \u00e0 un d\u00e9licat exercice d\u2019\u00e9quilibre\n          \u00e9conomique, mais des occasions demeurent dans ce march\u00e9 boursier\n          sous-\u00e9valu\u00e9.\n        <\/li>\n        <li>\n          Le rel\u00e2chement du march\u00e9 de l\u2019emploi, le ralentissement de la\n          croissance des salaires et la baisse de l\u2019inflation devraient\n          entra\u00eener un assouplissement accru de la politique de la Banque\n          d\u2019Angleterre et un rendement sup\u00e9rieur du c\u00f4t\u00e9 des obligations d\u2019\u00c9tat,\n          dans un contexte de volatilit\u00e9 persistante.\n        <\/li>\n      <\/ul>\n    <\/div>\n\n    <!-- SECTION -->\n    <h2>Actions du Royaume-Uni<\/h2>\n    <p>\n      Les hausses d\u2019imp\u00f4t impos\u00e9es aux entreprises et aux m\u00e9nages en 2025\n      devraient ralentir davantage la croissance \u00e9conomique \u00e0 seulement 1,2 % en\n      2026, selon les pr\u00e9visions consensuelles de Bloomberg. Le ralentissement\n      de la croissance devrait permettre \u00e0 l\u2019inflation de s\u2019att\u00e9nuer, ce qui\n      pourrait donner \u00e0 la Banque d\u2019Angleterre une marge de man\u0153uvre pour\n      r\u00e9duire les taux d\u2019int\u00e9r\u00eat au-del\u00e0 du niveau de 3,25 % actuellement pris\n      en compte par les march\u00e9s pour la fin de 2026.\n    <\/p>\n    <p>\n      \u00c0 notre avis, le risque est qu\u2019un gouvernement travailliste de plus en\n      plus impopulaire abandonne la rigueur budg\u00e9taire. \u00c9lu avec une majorit\u00e9\n      \u00e9crasante en juillet 2024, le taux d\u2019approbation du gouvernement a depuis\n      plong\u00e9 \u00e0 17 %, selon les r\u00e9cents sondages. Il est difficile pour nous de\n      croire qu\u2019il se redressera, compte tenu des mesures d\u2019aust\u00e9rit\u00e9 impos\u00e9es\n      aux \u00e9lecteurs. Selon nous, si le gouvernement assouplit sa politique\n      budg\u00e9taire pour stimuler la croissance (et sa cote d\u2019approbation), les\n      march\u00e9s financiers pourraient devenir nerveux, d\u2019autant plus que le\n      Royaume-Uni d\u00e9pend fortement des investisseurs \u00e9trangers pour financer sa\n      dette.\n    <\/p>\n\n    <!-- UK EQUITIES CHART -->\n    <h3>\n      La popularit\u00e9 du Parti travailliste plonge et celle du Parti r\u00e9formiste\n      bondit\n    <\/h3>\n    <h4>Sondages sur les intentions de vote<\/h4>\n    <div class=\"row mb-4\">\n      <div class=\"col-lg-10 col-md-8 col-sm-8 col-xs-10 col-xxs-12\">\n        <img decoding=\"async\"\n          src=\"https:\/\/www.rbcwealthmanagement.com\/assets\/wp-content\/uploads\/global\/gio-2026-UK-fr-equities-chart.png\"\n          alt=\"Sondages sur les intentions de vote \"\n          class=\"img-fluid mb-1-half\"\n          aria-describedby=\"uk-equities-chart-desc\"\n        \/>\n        <p class=\"sr-only\" id=\"uk-equities-chart-desc\">\n          Le graphique montre les intentions de vote pour les cinq principaux\n          partis politiques du Royaume-Uni depuis l\u2019\u00e9lection g\u00e9n\u00e9rale de juillet\n          2024 (donn\u00e9es au 3 octobre 2025). Les intentions de vote pour le Parti\n          travailliste sont pass\u00e9es de 40 % \u00e0 moins de 25 %, en raison de\n          l\u2019ampleur des difficult\u00e9s \u00e9conomiques futures qui est devenue \u00e9vidente\n          et de l\u2019humeur du public qui s\u2019est d\u00e9t\u00e9rior\u00e9e. Les appuis au Parti\n          travailliste se sont l\u00e9g\u00e8rement am\u00e9lior\u00e9s au cours des trois mois\n          suivant l\u2019\u00e9lection, mais ils ont par la suite diminu\u00e9 de fa\u00e7on\n          constante et se situent actuellement \u00e0 moins de 21 %. En revanche, les\n          intentions de vote pour le Parti r\u00e9formiste de droite ont augment\u00e9 de\n          fa\u00e7on constante depuis l\u2019\u00e9lection g\u00e9n\u00e9rale, passant de 16 % \u00e0 31 %,\n          car les \u00e9lecteurs sont attir\u00e9s par son approche populiste. Les\n          conservateurs, m\u00eame s\u2019ils ont connu une hausse des intentions de vote\n          de juillet \u00e0 octobre 2024, ont \u00e9galement subi une baisse importante de\n          ces intentions qui sont maintenant inf\u00e9rieures \u00e0 17 %. Les intentions\n          de vote pour les verts et les lib\u00e9raux d\u00e9mocrates se sont am\u00e9lior\u00e9es\n          lentement au cours de la p\u00e9riode; elles s\u2019\u00e9tablissent actuellement \u00e0\n          respectivement 10 % et 13 %.\n        <\/p>\n        <ul class=\"rbc-legend rbc-legend-inline\">\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-warm-red\"><\/div>\n            Travaillistes\n          <\/li>\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-blue-tint-1\"><\/div>\n            Conservateurs\n          <\/li>\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-sky\"><\/div>\n            R\u00e9formistes\n          <\/li>\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-sun\"><\/div>\n            Lib\u00e9raux-d\u00e9mocrates\n          <\/li>\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-apple\"><\/div>\n            Verts\n          <\/li>\n        <\/ul>\n        <p class=\"disclaimer\">Source : Election data vault.<\/p>\n      <\/div>\n    <\/div>\n\n    <p>\n      Pour un pays dont le taux de croissance annuel moyen \u00e9tait de 2 % au cours\n      de la d\u00e9cennie pr\u00e9c\u00e9dant la pand\u00e9mie, la pi\u00e8tre performance \u00e9conomique du\n      Royaume-Uni est d\u00e9cevante. Toutefois, les circonstances ont chang\u00e9 et une\n      comparaison plus juste, selon nous, tiendrait compte des autres \u00e9conomies\n      du G7, qui font toutes face \u00e0 leurs propres difficult\u00e9s.\n    <\/p>\n    <p>\n      Peut-\u00eatre en raison de ce contexte ext\u00e9rieur et gr\u00e2ce aux valorisations\n      int\u00e9ressantes, l\u2019indice FTSE All-Share a progress\u00e9 de 15 % depuis le d\u00e9but\n      de l\u2019ann\u00e9e en monnaies locales, ou de 20 % en dollars am\u00e9ricains,\n      surpassant largement le rendement de 11 % de l\u2019indice S&#038;P 500 depuis le\n      d\u00e9but de l\u2019ann\u00e9e. Le rendement sup\u00e9rieur est spectaculaire, surtout compte\n      tenu de l\u2019exposition limit\u00e9e du Royaume-Uni aux titres technologiques, qui\n      constituent le principal moteur des march\u00e9s boursiers am\u00e9ricains et\n      asiatiques en 2025.\n    <\/p>\n    <p>\n      En l\u2019absence de changements importants aux politiques budg\u00e9taires du\n      Royaume-Uni, nous pensons que les actions britanniques pourraient\n      continuer de bien se comporter. Les valorisations nous semblent toujours\n      int\u00e9ressantes malgr\u00e9 cette remont\u00e9e, l\u2019indice FTSE All-Share se n\u00e9gociant\n      \u00e0 12,5 fois les pr\u00e9visions consensuelles de b\u00e9n\u00e9fices pour 2026, ce qui\n      est nettement inf\u00e9rieur \u00e0 la m\u00e9diane de son ratio cours-b\u00e9n\u00e9fice \u00e0 long\n      terme par rapport aux march\u00e9s d\u00e9velopp\u00e9s mondiaux, m\u00eame en tenant compte\n      des diff\u00e9rences sectorielles.\n    <\/p>\n    <p>\n      Nous continuons de privil\u00e9gier les soci\u00e9t\u00e9s dont les valorisations sont\n      attrayantes dans le secteur de la finance, en raison de leur propension \u00e0\n      produire des rendements \u00e9lev\u00e9s pour les actionnaires au moyen de\n      dividendes et de rachats d\u2019actions. Si la Banque d\u2019Angleterre\n      assouplissait sa politique mon\u00e9taire plus que ce que les march\u00e9s pr\u00e9voient\n      actuellement, les secteurs sensibles aux taux d\u2019int\u00e9r\u00eat, comme\n      l\u2019immobilier, pourraient enregistrer des rendements sup\u00e9rieurs.\n    <\/p>\n\n    <!-- SECTION -->\n    <h2>Titres \u00e0 revenu fixe du Royaume-Uni<\/h2>\n    <p>\n      Selon notre sc\u00e9nario de base, le ralentissement continu du march\u00e9 de\n      l\u2019emploi, y compris les pressions salariales, accro\u00eet la confiance que la\n      Banque d\u2019Angleterre r\u00e9duira les taux d\u2019int\u00e9r\u00eat de 50 points de base de\n      d\u00e9cembre au premier trimestre de 2026. Selon les sondages men\u00e9s aupr\u00e8s des\n      entreprises, la croissance des salaires devrait s\u2019\u00e9tablir en moyenne \u00e0\n      environ 3,7 % au cours de l\u2019ann\u00e9e, et nous pr\u00e9voyons que l\u2019inflation\n      globale atteindra 3,5 % sur 12 mois d\u2019ici le deuxi\u00e8me trimestre. Un large\n      \u00e9ventail de mesures de resserrement budg\u00e9taire est report\u00e9 \u00e0 la fin de la\n      p\u00e9riode budg\u00e9taire 2029-2030, tandis que les d\u00e9penses sont concentr\u00e9es en\n      d\u00e9but de p\u00e9riode. Par cons\u00e9quent, l\u2019incidence de la croissance en 2026\n      sera minime et nos \u00e9conomistes pr\u00e9voient un taux de croissance du produit\n      int\u00e9rieur brut de 1,1 % pour l\u2019ann\u00e9e. Selon notre sc\u00e9nario de base, le\n      risque est que les attentes d\u2019inflation des m\u00e9nages s\u2019\u00e9tablissent autour\n      de la moyenne de 4 % sur six mois, ce qui pourrait exercer des pressions\n      sur les demandes salariales.\n    <\/p>\n    <p>\n      Le resserrement budg\u00e9taire s\u2019\u00e9l\u00e8ve \u00e0 26,1 G\u00a3 et la marge de man\u0153uvre\n      accrue (la marge de s\u00e9curit\u00e9 entre les plans en mati\u00e8re d\u2019imposition et de\n      d\u00e9penses), qui est pass\u00e9e de 9,9 G\u00a3 \u00e0 21,7 G\u00a3, a \u00e9t\u00e9 bien accueillie par\n      les march\u00e9s. Dans un contexte de resserrement de la politique budg\u00e9taire\n      et d\u2019assouplissement des politiques mon\u00e9taires, nous estimons que les\n      obligations d\u2019\u00c9tat devraient demeurer stables et possiblement enregistrer\n      un rendement sup\u00e9rieur. De plus, les \u00e9missions d\u2019obligations d\u2019\u00c9tat ont\n      probablement d\u00e9pass\u00e9 leur sommet et continueront d\u2019\u00e9viter les obligations\n      \u00e0 \u00e9ch\u00e9ance longue, la demande naturelle pour les r\u00e9gimes de retraite ayant\n      diminu\u00e9. Cela dit, les obligations d\u2019\u00c9tat pourraient rester volatiles,\n      compte tenu du retard pris dans l\u2019assainissement des finances publiques et\n      de la d\u00e9pendance accrue \u00e0 l\u2019\u00e9gard des investisseurs sensibles aux\n      rendements, n\u00e9cessaires pour \u00e9ponger l\u2019offre.\n    <\/p>\n    <p>\n      Les obligations des soci\u00e9t\u00e9s britanniques ont largement fait fi des\n      pr\u00e9occupations budg\u00e9taires, les \u00e9carts de taux (la r\u00e9mun\u00e9ration en\n      contrepartie du risque de cr\u00e9dit) demeurant serr\u00e9s. Nous pr\u00e9voyons un\n      modeste \u00e9largissement des \u00e9carts de taux en 2026; par cons\u00e9quent, nous\n      pr\u00e9f\u00e9rons une sous-pond\u00e9ration des obligations de soci\u00e9t\u00e9s. Toutefois, le\n      rendement additionnel actuellement offert en contrepartie du risque de\n      taux d\u2019int\u00e9r\u00eat se situe toujours \u00e0 des niveaux int\u00e9ressants. De plus, nous\n      croyons que la baisse des taux des obligations d\u2019\u00c9tat du Royaume-Uni et\n      des co\u00fbts d\u2019emprunt soutiendra le secteur du cr\u00e9dit.\n    <\/p>\n\n    <!-- UK FIXED INCOME CHART -->\n    <h3>\n      Les \u00e9carts de taux des obligations de soci\u00e9t\u00e9 sont inf\u00e9rieurs aux moyennes\n      historiques\n    <\/h3>\n    <h4>\n      Les \u00e9carts de taux repr\u00e9sentent la diff\u00e9rence entre les taux de rendement\n      des obligations d\u2019\u00c9tat et des obligations de soci\u00e9t\u00e9s\n    <\/h4>\n    <div class=\"row mb-4\">\n      <div class=\"col-lg-10 col-md-8 col-sm-8 col-xs-10 col-xxs-12\">\n        <img decoding=\"async\"\n          src=\"https:\/\/www.rbcwealthmanagement.com\/assets\/wp-content\/uploads\/global\/gio-2026-UK-fr-fixed-income-chart.png\"\n          alt=\"Bloomberg Sterling Corporate Index spreads over a 5-year horizon\"\n          class=\"img-fluid mb-1-half\"\n          aria-describedby=\"uk-fi-chart-desc\"\n        \/>\n        <p class=\"sr-only\" id=\"uk-fi-chart-desc\">\n          Le graphique indique la valeur de l\u2019indice Bloomberg Sterling\n          Corporate sur un horizon de 5 ans, du 11 novembre 2020 au 10 novembre\n          2025. L\u2019indice \u00e9tait de 1,34 % au d\u00e9but de la p\u00e9riode et il a\n          progress\u00e9 pour atteindre un sommet de 2,58 % le 12 octobre 2022. Il a\n          par la suite recul\u00e9 de fa\u00e7on constante pour atteindre un creux de 0,90\n          % le 7 f\u00e9vrier 2025. Selon les donn\u00e9es les plus r\u00e9centes, publi\u00e9es le\n          11 novembre 2025, il s\u2019\u00e9tablissait \u00e0 0,87 %. Le graphique montre\n          \u00e9galement les moyennes de l\u2019indice sur un an et sur 5 ans, soit\n          respectivement 1,00 % et 1,35 % pendant la m\u00eame p\u00e9riode.\n        <\/p>\n        <ul class=\"rbc-legend\">\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-dark-blue-tint-1\"><\/div>\n            Sterling Investment Grade Corporate Index\n          <\/li>\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line rbc-legend-dashed c-tundra\"><\/div>\n            Moyenne sur 5 ans\n          <\/li>\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line rbc-legend-dashed c-sun\"><\/div>\n            Moyenne sur 1 an\n          <\/li>\n        <\/ul>\n        <p class=\"disclaimer\">\n          Sources : Bloomberg et RBC Gestion de patrimoine; donn\u00e9es jusqu\u2019au\n          10 novembre 2025.\n        <\/p>\n","protected":false},"excerpt":{"rendered":"<p>L\u2019affaiblissement des march\u00e9s de l\u2019emploi pourrait entra\u00eener d\u2019autres r\u00e9ductions du taux directeur par la Banque d\u2019Angleterre et stimuler la vigueur des obligations d\u2019\u00c9tat du Royaume-Uni (Gilts), m\u00eame si des occasions sont \u00e0 saisir sur le march\u00e9 boursier sous-\u00e9valu\u00e9 du Royaume-Uni.<\/p>\n","protected":false},"author":22,"featured_media":27728,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"2025-12-02T07:13:00","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[510],"tags":[1063,1062,1065,1060,1061,1064],"rbcwm_content_owner":[675],"rbcwm_need":[],"rbcwm_segment":[],"rbcwm_solution":[],"rbcwm_topic":[590],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-27727","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analyse","tag-actions-britanniques","tag-cochettes","tag-marches-du-travail","tag-perspectives-dapercu-mondial","tag-perspectives-dapercu-mondial-2026","tag-titres-a-revenu-fixe","rbcwm_content_owner-pag","rbcwm_topic-global-insights"],"acf":{"rbcwm_subtitle":"L\u2019affaiblissement des march\u00e9s de l\u2019emploi pourrait entra\u00eener d\u2019autres r\u00e9ductions du taux directeur par la Banque d\u2019Angleterre et stimuler la vigueur des obligations d\u2019\u00c9tat du Royaume-Uni (Gilts), m\u00eame si des occasions sont \u00e0 saisir sur le march\u00e9 boursier sous-\u00e9valu\u00e9 du Royaume-Uni.","rbcwm_post_author":"","rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":["Yes"],"perspective_disclaimer":"","expandable":"","omit_from_pages":"","disclaimer_footnote":""},"rbcwm_insight_cta_id":[10888],"rbcwm_pagination":{"next_link":"","next_link_text":"Next article","previous_link":"","previous_link_text":"Previous article"},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":false,"rbcwm_toc_selector":"h2"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ 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