The outcome of the UK election is bad for sterling. We expect it to fall towards parity with the euro and back to the post-Brexit lows against the US dollar. We prefer short sterling to short gilts. We are agnostic and out of UK equities preferring their European peers.

Nine years after the global financial crisis (GFC) most advanced economies have clambered above their pre-crisis peaks. But this disguises the picture in per capita incomes, which drag improvements down to the lower end of the headline range. No wonder theres been so much reliance on central bank largesse to keep the financial asset party going.