Domestic equities are not expensive

ON UK INCOME

Murray Income's Charles Luke believes overlooked UK stocks offer value.

Optimism over the strength of the global economic recovery, and particularly manufacturing momentum, has ebbed over the past three months. It is unclear how much this slowdown has been a function of the disruption to supply chains caused by the Japanese earthquake and elevated oil prices from the tensions in the Middle East. However, fiscal consolidation in more mature markets is likely to act increasingly as a brake on growth while the tightening of monetary policy in a number of emerging markets will also have an impact on economic growth. Little comfort can be taken from the UK’s p...