How things have changed since the last investment review in April. It is a reminder that ‘events, dear boy, events’ are not always benign, and one observes that France, which can usually be relied on to pick up a ‘Q’ with no ‘u’ in Scrabble, has gained itself a president who has immediately set about uniting the country in a way that Theresa May was meant to do, but didn’t.

It is a reminder, too, that stormy weather can be local, but the interlocking nature of Britain’s travails have wider implications and threaten to upset the investment apple . . .

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