Mr Bokobza said UKIP’s surge “from victory to victory” has thrown the UK into political turmoil and sharpens the market risk of EU withdrawal. He sees three likely outcomes in the general elections in May, and none of them is appetising for global investors: a Labour victory that implies a bigger state; a hung Parliament that would make it even harder to cope with Britain’s twin deficits; or a Tory victory that brings the UK closer to withdrawal from the EU. “We advise pension funds. We don’t gamble with money,” he said.