Commenting on this morning’s PMI flash data, Melanie Baker, senior economist at Royal London Asset Management, said:
“The data shows that even before the UK went into national lockdown this week, economic activity had dropped off sharply.
“Headline composite PMI fell to 37.1, lower than levels reached during the financial crisis.
“As the social distancing intensifies, government and central bank measures to support the economy are more welcome than ever if we are to avoid a prolonged downturn”.
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 £139 billion of assets and employs 113 investment professionals as at end July 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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