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Hargreaves blames Prime Minister for “grim market”

Hargreaves Lansdown chief executive Peter Hargreaves says that the finger needs to be pointed at Gordon Brown for the grim state of the UK economy.

He says that the Government has “screwed with the economy” and that despite his own firm’s resiliency, the outlook continues to look bleak for the UK.

Hargreaves says all Brown has done is spend consistently in the past 10 years undoing the economy that he inherited.

He says: “Brown is now reaping what he sowed in spades. After untold quarterly growth we should have £100bn saved up, rather than being £100bn in debt. I wouldn’t even employ him in my post room!”

Hargreaves says he thought his business would produce strong returns this year despite the volatility, given that his firm continues to offer ongoing support once the initial investment is made.

“On going service is a failing of the industry and it is something that has seen us pick up big chunks of business. The results are remarkable and I believe they are due to a number of reasons, whether it be people telling their friends, our website or those who dipped their toe in a few years back, putting more in now.”

Hargreaves says that he expected HL to do better as a publicly listed firm rather than a private company.

He says: “Our aim has been to make the 75 per cent we still own worth more than the 100 per cent prior to flotation and I believe we are well on the road to doing that as indicated by our strong returns this financial year.”

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