Mohamed El-Erian, the former chief executive of Pimco, has warned that helicopter money – a fiscal policy of last resort for central banks involving printing money and handing it out directly to people – is “politically very dangerous”.

Speaking at a London event to promote his new book The Only Game in Town on March 15, the chief economic adviser to German insurer Allianz also argued that from an investment standpoint, macro uncertainties are making cash an increasingly important asset class in its own right, rather than a way to sit on the sidelines during tough times for major asset classes.