WHISPER it but the UK’s attractiveness as an investment destination is, to use the British understatement, not half bad. As the turmoil of the gilt crisis 18 months ago fades from the market’s collective memory, sterling assets not only look relatively cheap, but may even outperform.
The biggest selling point is that real gilt yields, after adjusting for inflation, are poised to turn sharply positive for the first time since the global financial crisis. UK 10-year yields are near a three-month high, and are above those of Germany, France, Italy and even Greece.
A JPMorgan Chase & Co institutional investor survey published last week showed UK bond funds are the most bullish in more than a...
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