Panmure Liberum is a leading force in UK Investment Banking

By Simon French, Chief Economist and Head of Research 

Next month marks ten years since Vote Leave launched one of the most highly effective slogans in UK political history. ‘Take Back Control’ was unveiled in February 2016 and quickly defined the UK’s EU Referendum campaign.

The left flank of UK politics is limbering up for a big year in 2026. Disquiet with the speed of progress by the current Labour government is being amplified by sluggish economic growth. Last week we learnt the UK economy had contracted by 0.1% during last three months. There is now a significant body of Labour MPs who believe the government’s economic policies are on the wrong path. Only time will tell whether the coterie of advisers that surround the left have learnt anything from the important case study that was, and remains, the 2022 Mini Budget.

For the last couple of years, investors have bemoaned the rising index concentration in the US. Thanks to the strong performance of US technology stocks, they now account for roughly 35 per cent of the S&P 500 index and 28 per cent of the MSCI World. If US technology stocks drop, so does the US and global stock market.