The bad news is priced into British equities

The FTSE 100 trades on a price/earnings (p/e) multiple of 16.6, a significant discount to the 27.2 rating of America’s S&P 500. The valuation gap is long-running and reflects the FTSE’s greater weighting towards low-growth industries such as banking and consumer goods. A steady drumbeat of firms quitting London in pursuit of better valuations elsewhere has also contributed to “a lack of self-esteem” in the City, Steven Fine of Peel Hunt tells Chris Price in The Telegraph. The UK’s bargain-baseme...