Investors are reeling from the worst year in global financial markets since the 2008 financial crisis, as inflation forced central banks around the world to raise interest rates and put an end to the supply of cheap money that has fuelled a golden decade for investors.

Global stocks have lost about a fifth of their value during the last year, as the “everything bubble” that inflated during the Covid-19 pandemic burst, sending tech shares and crypto assets tumbling.

Inflation surged as economies reopened from the pandemic lockdowns and Russia triggered an energy crisis in Europe by weaponising gas supplies.

Inflation then hit the bond market, which fell into its first bearrun in more than 70 years – with the turmoil after the UK’s…