Andy Brown, investment director, says around five years ago that would have been above 24%, and would have been 30%-40% 20-odd years ago, given the majority composition of investors being UK-based.
This shift in approach is hugely significant.
“Uncertainty does impact consumer confidence, which affects consumer spending, which makes up two-thirds of UK GDP,” he says.
“So anything that has an impact on confidence will have an impact on the UK. We have been seeing a slowdown in spending in several sets of results over the past few quarters, and that uncertainty makes it harder to predict the trajectory of UK GDP.”
