Lone opinion has held sway among professional custodians of money for some time: steer clear of the UK. Taking the long view, a case can certainly be made that UK equities and sterling look cheap. But that must be weighed against an investing adage: cheap assets can remain cheap. In the case of the UK, that is particularly apt if we were to see a hard Brexit or a badly managed exit from the EU. Plenty more twists beckon — perhaps another referendum or even a general election — before there is likely to be any clarity. Despite flickers of optimism that the March deadline might be extended, you can’t dismiss the possibility of the UK crashing out of the EU. But kicking the can down the road will hardly infuse investors with confidence in UK assets. Indeed, it is easy to overlook the long-term consequences of the damage inflicted on the economy by a saga that shows little sign of ending quickly. The dysfunction on show has tarnished one the UK’s most compelling selling points: its political stability.