Light at end of the tunnel for UK

ON UK GROWTH

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September last year marked five years since the run on Northern Rock.

It is encouraging there is light at the end of the tunnel in terms of stability and improved confidence in the UK banking system, evidenced by Lloyds Banking Group being the best performer in the FTSE 100 index last year and the banking sector being a key contributor to positive market returns (Citi Research, January 2013). Although equity markets were strong in 2012, this was not in conjunction with market earnings revisions as they drifted in the second half of the year, implying a significant rerating of equities took place. UK GDP growth forecasts for 2013 have steadily fallen ove...

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