The time is right to buy UK equities. These stocks have a “political risk” discount at the moment: a markdown on their value in light of uncertainty over Brexit. But this discount is too big, and we see multiple drivers that will make it shrink.
First, a no-deal Brexit is looking unlikely. Second, the UK parliament backed Prime Minister Boris Johnson’s deal at second reading. Third, the latest polling suggests a Conservative victory in this election.
These are all consistent with stocks’ political discount being at least diminished in the short term and removed over the longer term. This implies outperformance by UK equities in coming months.
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