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Brown&#39s positive action will promote growth – Seabrook

Peter Seabrook is head of UK equities at SG Asset Management and manages the UK growth fund

As expected the terrorist attacks of 11 September continue to dominate the

agenda and Gordon Brown&#39s speech was no exception. A great deal of emphasis

was placed on economic growth in the speech and, despite lowering forecasts

for 2002, the figures still look encouraging with UK growth set to be the

highest in Europe.

As with so many Budget speeches the good news is predominantly in the

headlines but as the detail becomes clear the story loses much of its shine.

However, despite this the action that has already been taken and measures

put forward in Brown&#39s speech, in conjunction with those being put forward

and implemented in the US and other major world economies, will certainly be

good for the UK economy.

Despite this we must not forget that no country can insulate itself from

global slowdown and the UK is certainly no exception. What happens in the

US next year will determine the likely progression of equity markets around

the world but I believe that the decisive action taken on both monetary and

fiscal policy by the UK government will allow us to get through this period

of uncertainty and resume growth. I am confident in predicting a positive

return for equities in 2002.

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