Woodford IM: UK economy is more unbalanced than ever before

Predicts slower long-term growth

Woodford Investment Management has said the UK economy is less balanced now than ever before, predicting weak long-term growth as the current account deficit reaches an "all-time extreme".

The company, founded by industry veteran  Neil Woodford (pictured), said efforts to rebalance the UK economy in the wake of the 2008 financial crisis have failed, with the average household saving less than 4% of its income each year and house prices becoming increasingly stretched. Despite the economy being stronger than expected over recent years, growing at a moderate pace relative to global growth, Woodford IM said the UK is being driven by unsustainable forces and an excessive reliance on consumption. UK economy is suffering from 'Goldilocks' syndrome "The UK economy is more u...