Caspar Rock, Chief Investment Officer, and Richard Jeffrey, Chief Economist, review the state of the economic landscape.
It started with an unconventional recession, one that emanated from a near collapse in the financial system but which, in some larger economies, resulted in a comparatively modest increase in unemployment. Then we had unconventional monetary policy, encompassing injections of liquidity and exceptionally low interest rates.
Now we seem to be in an era of unconventional political consequences.
Electorates in many western countries are questioning the established order, as we saw in the outcome of UK referendum on EU membership, in the results of elections in the US, France and the UK, and in the general increase in support for anti-establishment political parties.
There is a growing frustration that, while economies have been recovering, the benefits of growth have not been feeding through to real incomes.