The UK equity market has suffered from structural underperformance since 2016. We can see this from the cumulative relative performance of the FTSE 100 Index against European and global equities, in local currency terms, beginning as the UK prepared to vote on its exit from the European Union.
As can be observed, the large-cap UK market has significantly underperformed over the period, with Brexit uncertainty and the COVID shock two major headwinds during this period.
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