Of all my mother’s oft-repeated sayings, the one I was most dubious about was “it’s an ill wind that blows nobody any good”. It means something like: “The neighbour’s tree may have fallen in the gale, but at least our garden will get more sun now!”

In recent years, UK investors have been exposed to several ill winds — not least inflation and its side effects. Many will look at their investments and savings and feel bruised. The cost of living has risen by more than 20 per cent over the past three years — not good for those sitting on a lot of cash.

And for those fully invested? If you include dividends, investors in the MSCI World global equity index have seen markets rise by around 30 per cent over the past three years — more than the cost of living. In the UK the FTSE All-Share index is up just 14 per cent, but dividends should take that to around 23 per cent — underlining how important they can be.