Ruffer investment director Bertie Dannatt has warned advisers that markets and economies are in the midst of a regime change as they transition to an inflationary period.
Speaking at a Professional Adviser working lunch event on Wednesday (7 July), Are we reaching an asset allocation crisis?, Dannatt said that, following the pandemic, the government's balance sheets are "completely shot". "The UK's government deficit as a proportion of its GDP has never been worse. That includes the state we found ourselves in after the first world war and the second world war. "Our high conviction view is that the clearing mechanism for this debt will not be a hard default, it will not be to put up taxes, but it will be through higher inflation." The investment dir...
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