The International Monetary Fund's decision to cut its growth forecast for the UK to 0.7% for this year is no great surprise given the fact that the Office for Budget Responsibility had already lowered its outlook, according to Chief Investment Officer Haig Bathgate.

And while the depressed economic environment might lead people to expect a higher rate of unemployment, many jobs are temporary and people are accepting lower wage settlements, thereby keeping the numbers in work unusually high for this stage in a downturn, he said.

Haig, appearing on BBC Radio's Good Morning Scotland, spoke in advance of new UK employment data today. He also commented on the likely news regarding earnings at Tesco and JD Sports.

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