Pity the London stock market: it just cannot get a break. For eight years, starting pretty much exactly the day after Britain voted to leave the European Union, it has been by some margin the worst performing major bourse in the world. All this time bullish City traders have pointed to how much cheaper British shares appear to be relative to those listed elsewhere, insisting that a rally is imminent. Earlier this year, with the prospect of a stable Labour government bringing an end to Tory chaos, many hoped that this moment of redemption had finally arrived.
But one poorly received budget, a weaker than expected domestic economy and the election of Donald Trump have put paid to that. Last week UK shares hit their lowest level since April, which means that the FTSE100 has risen just 5 per cent this year and 10 percent over the last five years. That compares to a rise of 24 per cent this year in the S&P 500, which tracks the…
