Legal & General: UK economic outlook poor

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Legal & General: UK economic outlook poor

Legal & General has suggested that the outlook for the UK economy is negative in its May Fundamentals report.

The bank did note that some factors which affect the economy are still strong, with unemployment low, consumer spending holding up and a weak pound expected to boost exports.

However, it said: "The risks to the UK lie significantly to the downside", as there are "more negatives than positives for the UK economy now than during the last US recession of 2001".

In particular, the bank singled out tighter lending standards, higher debt levels and a rapidly rising inflation rate.

The Office for National Statistics released data yesterday showing that consumer price index inflation has risen to three per cent, primarily as a result of household services due to the rising price of gas, electricity and heating oil.
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