With the UK economy now in recession, inflation above 11% and industrial action likely across the public sector, it is easy to become a permabear of UK assets.
However, with sterling climbing sharply over the quarter and the latest budget "striking the right balance between fiscal responsibility and protecting growth and vulnerable households" - there is some light at the end of the tunnel.
In this latest strategy update, Guy takes a look at the UK economy and what this backdrop means for your portfolio.