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Gartmore Group downbeat on the future of the UK economy

Investment giant Gartmore Group today issued figures which confirmed a recovery in the investment markets in the first two months of 2010 but the company is still relatively downbeat on prospects for the UK in 2010. Gartmore saw a net inflow of funds during January and February of £273 million which compares favourably with a net outflow in the final quarter of 2009 which hit £143 million.

While these figures were better than many analysts had expected the company issued a fairly downbeat statement on the state of UK investment markets and indeed voiced concern about how investment markets would exit the recent economic turmoil. It is interesting to see that while some companies and some sectors have seen an increase in activity and indeed profitability in the final quarter of 2009 and the first two months of 2010, many are still concerned about the short to medium term prospects for the UK economy.

The financial footprint left by the recent recession will take many years to fill with UK government debt set to top £1 trillion and UK consumer debt said to have topped £1.5 trillion. Unlike traditional boom and bust periods in the past, the recent recession has left more damage behind than any other recession since the 1930s.

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