Anatole Kaletsky provided a comprehensive picture of the changing state of the global economy. His view is that a turning point was reached at the end of 2012, with a move from policy and politics driven markets to fundamentals driven markets.

While his general view was positive for the global outlook, he did express concerns that weak UK economic fundamentals will come into conflict with politics in the run up to the 2015 election. This has the potential to destabilise what has been a fairly predictable path to date.