Simon Calton, chief executive of the Carlton James Group, said this bear market was ‘outside the normal cycle’ and therefore the current supposed recovery is also ‘inorganic’.
‘What we are currently seeing is a dead cat bounce. The actual organic cyclical downturn is set to hit which should mean we see a double-dip recession,’ he said.
‘Retail sales have hit rock-bottom, unemployment is speculated to have hit 16 per cent, lockdown is returning in locales where community infection has taken root during a second wave and even in areas where lockdown restrictions have been withdrawn, consumer confidence is non-existent.
‘Brexit is still a factor.’
Calton said those that believe a v-shaped recovery is due are ‘enjoying stems from the biggest ever stimulus packages introduced across major economies across the globe’, referring to the various grants and loans offered by the UK Government, for example.