If history is any guide then a weak pound is good news for UK equities. That was the surprising finding of a report published by Morgan Stanley this week.
Its author, strategist Graham Secker, found that in eight periods of extreme sterling weakness since 1975, the median performance of the UK market had been a gain of 16 per cent, against an 11 per cent advance for the world market and 8 per cent for Europe, ex-UK.
