The London market set more unwanted records this week. Not only did the FTSE 100 register its worst monthly performance since the stock market crash of 1987, but it also posted a fifth consecutive quarter of losses. (Such a dismal run has only happened twice in the past 40 years – in the early 1970s and 2000-01).

Strange then, to hear the banking sector being touted as a safe place to warehouse cash in the coming months. However, Morgan Stanley has been tentatively pushing this idea to clients in recent days.