Decreasing economic growth and increasing inequality leads to increased uncertainty.

Politics has become very unpredictable, making things so very difficult for individuals and also for companies.

If you leave school at 16 then, in all probability, there is a machine that can do what you can do better and cheaper. And Trump can't do anything to change that.

Political uncertainty around the world has more than doubled since the election of Trump. To find anything comparable we have to go way back, to the late 1920s for example, the times of the Great Depression. Or think of the United Kingdom in the 1970s, when the International Monetary Fund had to help the country out with a dramatic rescue operation. Up until the Greek crisis, that was the last time that the IMF was forced to intervene to such an extent in Europe.

Political stability was at most a factor in assessing developing countries or Russia. It is now also an issue in Western democracies.

The Brexiteers promised their supporters wonderful things, almost none of which can ever come true. The billions that London transfers to Brussels will most certainly not land in the budget of the country's National Health Service. Brexit is going to be very bitter for many of its supporters.

The rise of populist parties such as the Five Star Movement in Italy and the Front National in France are rocking the political certainties of the last decades. And that also affects the economy.