The UK equities market will rise over the next year, but the current market rally is unlikely to be the first stage of a sustained recovery, according to Leigh Harrison, head of UK equities at Threadneedle, an asset manager based in London.

He said: "The rally is a recovery from the distressed position at the end of February, which resulted from fears about the health of the banking system and that the economy might fall into a 1930s-style slump.