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In November 2021, Paul Marshall wrote in the Financial Times that the UK was the ‘Jurassic Park’ of stock markets. Predictably perhaps, the UK then began 12 months of solid outperformance, being the best-performing major stock market in the world in 2022. We don't mean to highlight Paul's unfortunate timing - in January your analyst forecasted a market fall, which was promptly followed by a six-week rally – but rather to highlight what a remarkable turnaround the UK has had. Paul Marshall was certainly not the only commentator suggesting the UK market was becoming irrelevant. In this note, we consider whether this is the start of a new age for the UK, or just a blip on its path to becoming a lost world.
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