A portfolio manager at one of London’s leading hedge funds has warned of a future haunted by “a more soviet outcome” from countries defending their economies from coronavirus.

Tim Bond, partner and portfolio manager at Odey Asset Management, told FN's sister title MarketWatch: “Dog will no longer eat dog. Instead, all will run with the pack and for the pack” in a post-recession period characterised by reduced dividends and buybacks and softer growth.