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Asset managers dismiss double-dip says Skandia

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Some of the UK’s leading asset managers have dismissed the possibility of a double-dip recession, according to the latest research from Skandia Investment Group.

The company, which questioned a group of asset management firms with over GBP16bn of UK equities under management, found that 90 per cent felt there was no chance of the UK economy going back into recession.

Of the ten asset managers questioned, nine felt that the possibility of the UK experiencing a double-dip recession had now passed with only one believing there was still a chance that it could happen. 

Two of those managers in the no double-dip camp are Adrian Frost from Artemis and Blackrock’s Mark Lyttleton.

When asked if the UK economy would experience a double-dip recession Frost said: "I don’t think the UK will experience a double-dip. Confidence in this view is middling but to date the economy is proving to be more robust than feared. Although the government cuts will in time put pressure on growth, the environment of rock bottom borrowing costs will continue and I believe this will ensure a much talked about double-dip is avoided."

Ryan Hughes, senior fund manager at Skandia Investment Group, says: "While consensus among leading UK fund managers seems to be very much that the economy will not fall back into recession – triggering a much talked about and debated double-dip recession – there is a minority that still believes it is a possibility and this might just mean we are not completely out of the woods yet."

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