Leading fund managers are saying that delays in the delivery of expected tax cuts and concessions for consumers in the US, due to the additional costs of the Gulf War, will impact on any global economic recovery.
Our view
Fund managers Artemis and Gartmore have confirmed these views and we are inclined to agree. Ecomonic recovery will come, markets will spark but it may be a longer road than people expect. Fundamentally, the intrinsic value in both UK and US markets is cheap and those who do invest for the medium to longer term now will benefit.