The FTSE 100 index has reached an all-time record high, even amid warnings that the UK economy will enter a recession later this year.
But earlier in the week the IMF singled out the UK economy as one of the world’s worst performers. It predicted that the country’s economy output would contract by 0.6 per cent in 2023, whereas all other major economies are expected to grow.
Victoria Scholar, head of investment at investing platform interactive investor, said the index was “defying the doom and gloom” in the worldwide economy. Alex Wright, portfolio manager at investment manager Fidelity, said there was a “huge discrepancy in returns” for smaller companies. Some may think that the index reaching record highs means that UK firms are now expensive – but many experts are recommending that UK shares are actually under valued.
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