James de Uphaugh: What to expect in 2023

Are we still in permacrisis?

2022 was the year central bankers had to replace the word “transitory” with “structural” when it came to describing inflation and start raising interest rates in increments not seen for over a decade.

The sharp move up in the cost of risk hit returns from most markets and the classic "plug and play" 60/40 equity bond portfolio had its worst year since the 1930s. And yet the UK equity market was resilient to these strong cross currents. It also had to absorb a degree of political uncertainty normally associated with the likes of Italy. Big chunks of the UK equity market that had been written off as 'yesteryear' became sought after: international energy companies - it turns out it matters where your energy comes from; mining - a lot of copper is going to be needed for the energy t...