Mirabaud chief economist: No UK recession to come

Expects rate cut next month

Mirabaud chief economist Gero Jung believes the UK will be able to avoid recession after the Brexit vote, as a result of the improved credit situation.

Jung (pictured), who has worked at Mirabaud since 2012, said he believed the UK's decision to leave the EU would not lead to a "sustainable recession". His views run counter to those from industry commentators including Fidelity global CIO for equities Dominic Rossi and Old Mutual Global Investors chief executive Richard Buxton. Hugh Hendry: Why we can 'learn to love the Brexit bomb' Jung said: "The leave vote will lead to an economic downturn in the near term but we exclude a sustainable recession. The main channels will be felt via lower investment and higher consumer uncertainty...