Investments  

UK’s current account deficit could lead to sterling crash

“We can go negative but we are not there yet,” he said.

“There is still momentum behind the low yields, but there will come a time when it will be appropriate to go negative.”

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Elsewhere, Mr Leaviss and deputy manager Mike Riddell said they were “always bearish” on China and were even avoiding countries, such as Australia, that were reliant on it and other big commodity plays in Latin America and South Africa.