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Decisive action will bring back growth

As expected, the terrorist attacks of September 11 continue to dominate the agenda and Chancellor Gordon Brown&#39s pre-Budget report speech in Parliament on Tuesday 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 pre-Budget and Budget speeches, the good news is predominantly in the headlines but as the closer 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.

However, we must not forget that no country can insulate itself from a 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.

I believe that the decisive action taken on both mon-etary and fiscal policy by the UK Government will allow us to get through this period of uncertainty and to resume growth.

I am confident in predicting a positive return for equities in 2002.

Peter Seabrook manages the SG Asset Management UK growth fund

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