Brexit and the Bull

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A year after the great fall of China and global markets are testing new highs, with all three US indices hitting a record and the FTSE 100 flirting with the psychologically important 7, 000 level – a record reached in December 1999 and only momentarily touched again in April 2015.

The backdrop to this bull market? Why, Brexit and lower interest rates for longer. Dire warnings from the Organisation for Economic Cooperation and Development, the International Monetary Fund and the Bank of England (BoE) – and even Barack Obama’s threat of ‘the back of the queue’ if the UK voted to leave the European Union – have given way to monetary stimulus from the BoE, and a widely expected fiscal loosening in the Autumn Statement. The City is expecting a reduction in stamp duty to boost the property market, spending on infrastructure projects to bolster growth and employment, and lower taxes. So how did we get here?