Baillie Gifford's Anderson backs Italy in £2bn trust

Baillie Gifford's James Anderson has bought into the Italian stock market for the first time in years, claiming Italy is in a better financial position than the UK.

The manager (pictured) of the £2.4bn Scottish Mortgage investment trust said the nation is better governed now than at any stage over the past 40 years, and predicts it will be in a position to cut taxes within the next two years. “I do not recognise much of the description of what is going on in Italy. I feel more upbeat about the prospects for Italy now then any time I can remember, because it is at the very end of this process,” he said. “As long as nothing catastrophic happens in the world, Italy will be able to cut taxes from 18 months out. I think it is through the worst of it i...