Growth fund managers bearish on UK economy

Managers of UK growth funds are "extremly bearish" on the outlook for the UK economy, according to the latest report from Standard & Poor's.

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Managers such as GAM's Ross Hollyman said news from the markets would continue to deteriorate over the year. However, managers were divided over the length of stagflation the country will experience.

Frank Manduca, manager of UBS's £57m UK Smaller Companies fund, did not expect any prolonged period of stagflation, while Richard Smith, manager of the £387m Invesco Perpetual UK Smaller Companies Equity fund, said stagflation would last many years.

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