Legal & General are warning anyone who cares to listen that the UK is heading for recession.
The insurance company says that its ‘recession predictor’ is showing a 95% chance of economic slowdown, resulting in a six month long slump.
Truth is a lot of us are also 95% confident that a recession is likely, and without having to create a ‘recession predictor’.
But L&G Investment Management’s James Carrick is able to predict more. He says that the indicators are more pronounced than prior to the economic downturn of 2001.
Even if the current credit crisis eases, L&G expects oil prices to push the UK economy into a worse position than following the dot.com crash.
The Legal & General are advising investors to be cautious about UK growth prospects.
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