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Standard Chartered: UK economy to shrink 1.3% in 2012

The UK will fall back into recession next year with the economy shrinking by 1.3 per cent, according to Standard Chartered.

The bank, which recently topped a ranking of 354 global firms for the accuracy of its forecasts over the past two years, believes the mounting crisis in the eurozone will result in its economy shrinking by 1.5 per cent.

It has also predicted the US economy will grow by 1.7 per cent over the course of next year.

Overall, the bank says 2012 will be seen as a “two-speed” global economy, with a fragile West but a resilient Asia, Africa, Middle East and Latin America.

The world economy, it says, grew by 4.3 per cent in 2010, before cooling in 2011, when it grew by around 3 per cent. In 2012, SC predicts global growth slowing to 2.2 per cent over the year.

Chief economist and group head of global research Gerard Lyons says: “This points to the continuation of a two-speed world where a fragile West contrasts with a resilient East. It is a divided and disconnected world economy facing major policy dilemmas. Yet, no region is fully decoupled from events elsewhere.”


HSBC looks at redress from before it bought LTC misseller

HSBC will look to compensate victims of misselling in its subsidiary Nursing Home Fees Agency in cases as early as 1991 – 14 years before it bought the firm. Last week, the FSA issued the biggest-ever ever retail fine of £10.5m against HSBC over inappropriate investment advice by NHFA to 2,485 clients between 2005 and […]


Lack of clarity remains over trail commission

We seem to have been talking about the RDR and trail commission for an awfully long time. You would have thought, with the publication of the final rules last month, that all the “i”s had been dotted and all the “t”s had been crossed. But, alas, it would appear not. There is one particular aspect […]

Threadneedle’s Podger replaces Korhonen at Fidelity

Threadneedle head of global equities Jeremy Podger is set to replace Jorma Korhonen as manager of the £1.5bn Fidelity global special situations fund. Podger will join Fidelity in March from Threadneedle, where he managed the global select and global extended alpha funds. He will report to Fidelity global chief investment officer for equities Dominic Rossi […]

DB transfers – one more factor to consider

Jim Grant – Senior Product Insight & Technical Support Analyst We look at how higher DB transfer values could cause a lifetime allowance issue and how that affects the advice process. Advisers are receiving an increasing number of requests from clients looking to transfer their pension from final salary schemes to personal pensions. This is a […]


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