Recession not over, personal wealth advisory body warns

It is wrong to assume the economic downturn in the UK is over, one financial advisory body has warned.

According to Mike Fosberry, president of the Personal Finance Society, concerns over unemployment and limited economic growth mean there are still a number of threats to the country’s economic performance, despite the recession officially being over.

’It doesn’t strike me that we are anywhere near to resolving the issues [that] caused [the] recession,’ he remarked, a comment that may be of interest to UK residents with high levels of personal wealth.

He said is it ’going to take an awful long time’ to solve the problem of the UK’s public sector deficit, while the increase in unemployment revealed earlier this week is a further indication that problems in the country persist.

However, there has been some positive news in the form of the Alliance Trust’s Financial Reality Index, which showed the net wealth index rose from 89.6 points to 120.8 points in the first quarter of 2010.ADNFCR-2318-ID-19778056-ADNFCR