“Shambolic” policymaking in the UK amid the coronavirus crisis has “worn down the population…and led to the loss of the dressing room”, a stockbroker has warned.
Clive Black, director and head of research at Shore Capital, said: “It is genuinely hard for us not to feel sorry for this Prime Minister ¬- he has unenviable decisions to make of profound importance.”
However, Mr Black added: “The shambolic policymaking in recent months has worn down the population and, as we stated at the start of this piece, led to the loss of the dressing room.
“It is genuinely hard to see how policymakers regain the public’s trust. Rules of six, closing public houses at 2200 hours and a wide range of rules that are largely incomprehensible – not just in England it should be said but also in the devolved nations.”
He added: “In this context, it is difficult to be wholly optimistic about the prospects for the UK consumer economy. Where does this all end, how do matters pan-out? Where does GDP go, what of public finances, unemployment, consumer confidence and so household expenditure in the UK? Such uncertainty, such lack of visibility is not the stuff of high market multiples, which alongside uncertainty about future UK-EU relations, help to explain the discount of London-listed stocks.”
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