“First the financial crisis hit the banks, then commodity prices began to fall, followed by the impact of a strong pound hitting profits, and then lower oil prices,” she added.
“The price war in the supermarket industry is just the latest in the long succession of difficulties to hit the UK’s largest stocks,” Miah continued. “These big multinationals are much less able to benefit from the strong performance of the UK economy. This has taken a heavy toll, with top 100 profits no higher than they were five years ago. It’s no wonder the FTSE 100 has been range-bound for the last two years. A return to sustained profit growth is needed to boost share prices.”