As we have discussed previously, it is received wisdom that a weaker currency will lead to an increase in inbound M&A activity as companies become relatively cheaper to acquire.

Received wisdom, but also incorrect wisdom as the latest figures from the ONS illustrate. It is a very one-dimensional statement.

After all, companies may be cheaper to purchase with a weak currency, but when earnings are translated back to the acquiror's currency: these will be correspondingly lower as well.

There should always be clear, strategic reasoning behind M&A activity, quite apart from pure fiscal drivers.