UK – no opposition

The post-Brexit Conservative government in the UK under Theresa May has a clear run in negotiating with the EU over exit terms. The opposition Labour Party is in total disarray and is probably electorally doomed for a decade. That removes one element of risk for UK assets. But there is little sign that the May government will firmly tackle the underlying structural problems of the UK economy: woeful productivity growth; poor business development and over-pressed infrastructure. So we expect sterling to stay weak over the medium term.

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