What happens if UK plc profit growth does not appear?

We have seen a seismic shift in the political and investment landscape. From Brexit to President Trump, to the return of inflation and the trough in bond yields, the accepted order in the aftermath of the financial crisis is being challenged, writes Jamie Hooper, manager of the AXA Framlington UK Growth fund.

With 667 global interest rate cuts since the global financial crisis and the unprecedented experiment of quantitative easing, financial markets have become heavily reliant on aggressive monetary policy. What worked so handsomely in boosting financial assets failed to translate in the real economy facing the deflationary drags of the Chinese slowdown, a curtailed banking system, technological disruption, and an ageing demographic.  In response, we have seen the emergence of a disaffected electorate. Wages as a percentage of GDP have fallen for decades as corporate profits and sharehold...