Deciding how best to ease the UK's coronavirus lockdown is proving as divisive as Brexit.
The arguments about how fast or slow to loosen restrictions are ostensibly 'guided by the science', as the government's mantra goes, although the debate is becoming highly politicised.
Unfortunately, the handling of the lockdown has started to dent our optimism in the UK from an investment standpoint.
This is not a political call, because deciding an asset allocation strategy on the whims of MPs would be highly inadvisable at best and disastrous at worst.
Instead, we are being driven by the economic evidence, which is painting an increasingly bleak picture for the UK.
The data suggest that the US is emerging from recession faster even than China, while countries like Japan and Germany are likely to see the pace of economic activity rise more quickly than ours too.
As such, we have performed an abrupt turn on UK equities.
At the start of the year, our strong conviction saw us take UK stocks to their highest levels since December 2011. At that time, with more clarity around Brexit and the overwhelming Conservative election majority, we felt asset allocators globally were being too pessimistic on the UK.
We saw the potential for a positive surprise, and shifted our portfolio accordingly.
But within just a few months of that move, we have reversed our upbeat view entirely by selling all of the FTSE 250 tracker holding we had built up.
This took our UK equity weighting from 20 per cent at the turn of the year to just 13.5 per cent at the beginning of June, the lowest it has been since 2013, besides a brief drop below this in mid-2017.
In place of the UK mid cap ETF we held, we have switched into US small caps through a Russell 2000 ETF, and Japanese growth stocks via the JP Morgan Japanese Investment Trust
A similar geographic shift has also taken place within our fixed income holdings. We have sold our entire investment in Australian government bonds, which had performed fantastically, and rotated the profits into US TIPS (inflation-linked government bonds) and Japanese government bonds to maintain our defensive exposure should we see a second wave of Covid-19.
David Coombs is head of multi-asset investments at Rathbones
• US small caps have lagged the strong rise in larger counterpart
• US, China, Germany and Japan seeing fastest rise in economic activity
• UK recovery could be hampered by inconsistent lockdown exit strategy and renewed Brexit risk
• Promise of positive surprise in UK post-General Election has completely reversed in short term