Jeremy Hunt’s appointment as Chancellor of the Exchequer – and his quick abandonment of the various proposed tax cuts announced by his predecessor – means that the acute phase of the UK’s self-imposed financial crisis has likely passed. Investors should expect a stabilisation in gilt yields, and potentially further modest sterling weakness. The longer-term issues regarding UK productivity growth and a deeply divided political setup remain in place, but for the moment at least, the worst has passed. A comedy of errors The latest act in the UK’s political tragicomedy took place on Thursday 13, October. Kwasi Kwarteng was summoned…

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