A year ago, the UK had stable government, a strong economy and a predictable trading relationship – now the opportunities are outweighed by the risks.

The decision to isolate Doha for its links to Islamist terrorism has plunged the region into turmoil and sent its creditworthiness into a spin.

It won the Euros, it won Eurovision – now it is time to win back its lost investment grades.

Experts are beginning to feel more confident about Russia’s prospects, and its credit ratings will ultimately reflect this.