For the first time in many years, central banks' mettle is about to be tested. This will happen most obviously in the US and UK but also in the eurozone.
In the immediate aftermath of the last recession and accompanying financial crisis, there was every reason to expect companies to be reticent about embarking on long-term, productivity-enhancing investment programmes.
It is probably not an overstatement to suggest the UK is facing the biggest challenge for 70 years.
First it was the stockmarket and now it is household spending: financial and economic trends are defiantly failing to develop as predicted.
There is no doubt the principal immediate consequence of the Brexit vote has been a further increase in uncertainty.
Positive impact from falling sterling
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