Commenting on this morning’s UK GDP announcement, Melanie Baker, senior economist at Royal London Asset Management, said:
“The February data show that the UK economy was barely growing in the month before lockdown measures were introduced, with rolling quarter-on-quarter growth at 0.1%.
“Momentum wasn’t strong going into this crisis and the UK is set to record large output declines.
“Once social distancing is eased, policy action will help ensure a robust recovery, but it may be several quarters before activity reaches the levels seen in February again.”
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 £138.9 billion of assets and employs 104 investment professionals as at end March 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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