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Schroders’ Richard Buxton says growth will survive job cuts

Schroders head of UK equities Richard Buxton says he is confident the UK economy can survive both spending cuts and the threat of a double dip recession.

Speaking at the Joint Investment Forum yesterday, Buxton addressed concerns regarding the coalition government’s proposed cutting of 490,000 public sector jobs.

Buxton drew parallels with 1992 when Ken Clarke axed 600,000 public sector jobs only for the private sector to create about 1.8m. Buxton admits this recovery will probably not be as successful but should still be able to absorb the job cuts.

Buxton dismissed the possibility of a double dip recession, pointing out Hewlett Packard’s increased spending in December as an example of economic recovery, one that was overshadowed by media coverage of the Irish economic crisis.

In regards to concerns that Britain does not export enough to sustain a recovery, Buxton indicated the growth of Burberry, joking that as long as a UK company can charge £10,000 for a handbag, the signs were encouraging.



Santander says income verification rules will hit market share

Santander UK chief executive Ana Patricia Botin says the FSA’s proposals on income verification would affect the bank’s ability to be a “challenger” to the biggest UK banks. The FSA, in the MMR, is proposing lenders ensure customers can afford their mortgage by checking their income and expenditure. Giving evidence to the Treasury select committee […]

Aldermore appoints two new senior commercial lending managers

Aldermore has appointed two new senior commercial lending managers. Mark Pagett is responsible for managing a team of four lending managers in the Midlands and the North, whereas Peter Owen is responsible for a similar team of four in London and the South. Both report to managing director for commercial mortgages Rob Lankey. Pagett joined […]


OFT fines RBS £28.6m

The Office of Fair Trading has fined Royal Bank of Scotland £28.59m after it engaged in anti-competitive practices with Barclays. A statement from the OFT says the fine is in relation to the pricing of loan products to large professional services firms. It says Barclays blew the whistle on the practices, which is why it […]

Aviva Wrap cuts charges

Aviva Wrap is cutting its maximum charges from 0.55 per cent to 0.25 per cent for new customers investing in Isas and collective investments through the platform. The tiered annual charge is replaced by a lower flat-rate charge for Isas and collective investments. The reduced charges are applicable for new customers who invest between January […]


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