Another anti-climactic month for Athelney Trust, with the unaudited NAV falling by 1.2 per cent. The same problem has been with us since the start of the year in that company results and trading statements have simply not been up to scratch in ATY’s sector of value and income. Another six such events during July have again adversely affected performance and, from memory, this is about the average monthly rate.. Thus there is no sign that I can see of any change in the trend although I continue to believe that London equities are highly attractive in terms of value, having only risen by 6 per cent since the referendum whereas international markets are plus 28 per cent over the same period.

The economy has disappointed both Leavers and Remainers since the nation voted to leave the EU a little over two years ago. This despite consumers in general spending at an annual rate of £900 more than had been earned. From the top of the G7, we have plunged to the bottom. With the unemployment rate down to 4.2 per cent between March and May – its lowest rate since the mid-1970s – the data has improved significantly since the referendum but this is the only exception to otherwise soggy data. Furthermore, the Bank of England had expected a rise of 13 per cent in business investment since the vote but, sadly, the out-turn was an increase of just 2.3 per cent. What really is upsetting is that Leavers are blaming Remainers for the mess that we are in. In particular, economist Professor Patrick Minford said, A suspicious mind might think [the economic slowdown] was a deliberate act of a Remainer chancellor to undermine Brexit. Expect more, much more of this specious nonsense in the months and years ahead.