This note looks at the long de-rating of equities relative to gilts and examines the likely trends from here. Equity income over the last decade has grown steadily, despite all the problems the financial sectors have seen. It is 28% higher in absolute terms than it was in 2008. The outlook over the next couple of years is more troubled given risk to oil and mining income. However even on a worst case scenario (far worse than we expect) the real income return exceeds 3% with a re-based level of growth. It screens for secure growing income. Please contact us for a copy.