Two political shocks loom over this year’s review. The UK’s vote to leave the European Union, and the election of Donald Trump as the 45th president of the United States. Both of these events had an immediate impact on the market last year. One expected result was a fall in the value of sterling triggered by the Brexit vote, as anxieties increased over the UK’s ability to fund its current account deficit. Less expected was the sell-off in the government bond market and a surge in developed market stocks, as the tax cuts and spending promises of Mr Trump were digested along with a strengthening US economy.