Press comment: GDP shows UK's place in the world remains uncertain
If you are covering the latest UK GDP figures from the Office for National Statistics please find below commentary from Hinesh Patel, portfolio manager at Quilter Investors:
“As we enter the home straight of election week, the latest UK GDP figures show the economy remains in a state of malaise. Households are just about propping up the economy and, as evidenced in nearly all manifestos, government spending has become an increasingly large contributor to any positive growth.
“The long-term figures also highlight a severe lack of investment contribution to growth since 2017. What is worrying about this is that even with a clear mandate from the electorate later this week, the UK’s place in the world remains highly uncertain. It is clear Brexit and seismic shifts in global policy have had a substantive impact on the economy, and that is before we have even left yet.
“Employment numbers are showing signs of weakness having risen for years. Should this materialise into something more significant, the government cannot expect households to continue to provide the support they have done to the economy. This all sets the scene for renewed predictions that a recession could be on the horizon, and investors should remain vigilant of a volatile UK market in 2020.”
Notes to Editors:
About Quilter plc:
Quilter Investors is part of Quilter plc. It provides multi-asset investment solutions designed for advised clients in the UK and internationally and manages £20.3 billion on behalf of its investors (as at 30 September 2019).
Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.
Quilter plc oversees £118.7 billion in investments (as at 30 September 2019).
It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions; and discretionary fund management.
The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.
Advice and Wealth Management encompasses the financial advice business, Quilter Financial Planning; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.
Wealth Platforms includes Old Mutual Wealth UK platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.
The Quilter plc businesses are being re-branded as follows:
- Quilter Financial Planning (previously Intrinsic)
- Quilter Private Client Advisers (previously Old Mutual Wealth Private Client Advisers)
- Charles Derby Group (becoming Quilter Financial Advisers)
- Quilter Financial Adviser School
- Quilter Cheviot
- Quilter Investors
- Old Mutual Wealth (becoming Quilter Wealth Solutions in 2020)
- Old Mutual International (becoming Quilter International in 2020)
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