The UK economy fell by 2.6% in the month of November, slightly better than forecast but this does not bode well for overall fourth quarter growth. Lockdown restrictions came into effect in the month of November, before a modest reopening in December and now a full lockdown again in January. The UK economic picture is not pretty and these double punches are likely to lead to further weakening growth in the months ahead, so a double-dip recession is more than likely, as since peaking in August last year, growth has been on a linear down trend to where it stands now. As if all this was not bad enough, the new trading relationship with the EU is only going to add to the growth impediments. All in all, this leads us to continually side-step UK risk assets for the time being.