As you will be aware, the Conservative Party won the election by a large majority. Sterling has strengthened materially in the foreign exchange markets this morning and the UK stock market has risen. Investors are relieved that Corbyn and his Marxist agenda has been roundly rejected by the electorate. Markets also benefited from the overnight news that the US appears close to agreeing a 'phase one' trade agreement with China, stock markets in the Far East and in Europe have also risen this morning.

At last, the UK has a strong government with a clear mandate to get Brexit done. We expect the UK to leave the EU by 31st January, though the transitionary period will probably have to be extended beyond December 2020. We, and other investors, are now considering whether this brings sufficient certainty to justify lifting exposures to UK assets.