The “sod it” factor – people deciding to spend money after five years of austerity – is helping to boost the UK’s economic prospects, according to seasoned asset manager Richard Buxton.

In his first public appearance since quitting Schroders in June to become Old Mutual Global Investors' head of UK equities, Richard Buxton said the UK was growing at a faster clip than official GDP figures suggest. He predicted that the UK equity market is heading for 10 strong years.