Thanks to our politicians and the lack of direction regarding Brexit, the outlook for the UK economy, put simply, is a complete mess. Furthermore, the UK is very much global in nature, with two-thirds of the 100 largest companies quoted on the UK stock market, generating their earnings from overseas. Therefore, the global outlook is more important than the ‘local’ difficulties. The problem for the UK is that the global economy is slowing down and appears to be closer to a recession. The outlook for the global economy will probably be determined by any escalation or resolution of the US and Chinese trade tensions. The danger for the UK is that the ‘local’ difficulties will not prepare the economy for a potential global downturn.