The announcements made by the chancellor recently caused markets to respond negatively and, while it may prove to be an overreaction, there is also the risk that markets are trying to price-in something they had not previously considered. Their fiscial event is more of a not so mini 'mini budget',

It’s important to note that many of the issues impacting sterling are UK-specific. Our portfolio managers all run globally-diversified strategies and have significant non-UK equity exposure which will benefit from the pound sterling’s lower value. Portfolio managers were well positioned coming into this market phase and they remain confident of their respective positioning.

However, the team remains vigilant. We continue our extensive analysis and our ongoing dialogue with our underlying managers, and we will adjust the portfolios as required to take account of any change in our outlook, or to exploit long-term opportunities for our clients as they arise.

The situation remains fluid, with the Bank of England stepping in to buy Government Bonds until the 14th October. For now it appears that the Government strongly believes in lower taxes to boost economic growth and the not so mini 'mini budget' stays on plan - for now. We will wait to see what's announced at the end of this month.