UK to remain in the 'doldrums'

Most managers believe the outlook for Europe ex-UK will be better than the UK. However, whether this is true will depend primarily on the fate of exports and so the extent to which performance in Europe will improve will depend on the recovery in the US and whether or not global growth slows down. Tom Elliott, strategist at JP Morgan Fleming, says: "The forecast for outperformance in continental Europe is better than the UK. This is because Europe has had a lower starting base than the UK and has been driven by the export industry." Elliott points out that the export industry has h...