Woodford: crisis recovery will not begin until 2010

Neil Woodford has warned the global economy will not begin recovering from the credit crisis until a...

Neil Woodford has warned the global economy will not begin recovering from the credit crisis until at least 2010 and more big businesses could fail. The manager of Invesco Perpetual's multi-billion pound income franchise has held a cautious stance for the last three years, but recent events have made him even more bearish. "As the credit crunch has intensified, the implications for the global economy have become more severe," he added. "The UK economy looks vulnerable to these developments and any upturn in economic activity is unlikely before 2010." He said although UK equity valua...