Commenting on UK GDP statistics released this morning, Melanie Baker, senior economist at Royal London Asset Management, said:
“Although the UK may have avoided a technical recession in Q3, the economy grew at a slow pace by UK standards and actually contracted in August and September.
“The outlook for the UK economy remains Brexit dependent and uncertainty, partly related to Brexit, has been dragging on growth in the meantime.
“Consumer spending continues to hold up, helped by real pay growth and low unemployment, underlining the importance of a healthy labour market for the UK’s growth prospects.”
About Royal London Asset Management (RLAM):
Established in 1988, Royal London Asset Management (RLAM) is one of the UK's leading fund management companies, providing investment management solutions to both wholesale and institutional clients such as not-for-profit organisations, local authorities and the insurance sector.
RLAM manages £148 billion of assets and employs 121 investment professionals as at 31 December 2020. It invests in all major asset classes including UK and overseas equities, government bonds, investment grade and high yield corporate bonds, property and cash.
For professional clients only, not suitable for retail investors.
Issued by Royal London Asset Management Limited, registered in England and Wales number 2244297; authorised and regulated by the Financial Conduct Authority. Registered Office: 55 Gracechurch Street, London, EC3V 0RL.
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