Woodford - chances of UK double dip increasing

There is now a greater likelihood the UK will experience a double dip next year, while it is "almost a certainty" countries such as Greece will slide back into recession, says Invesco Perpetual's Neil Woodford.

The manager of the £7.4bn Income and £9.5bn High Income funds says money supply growth and private demand will also remain weak as the UK drags itself out of the mire of economic slowdown. "The UK economic recovery will be long, drawn out, and tough. The chances of a double dip in the UK next year have increased. The outcome will be dictated by the pace and scale of fiscal consolidation," Woodford says. "It is almost certain we will see a recession in countries like Greece where we have seen aggressive budget cuts." Woodford says consensus views on the economic recovery are being c...