The outlook for the UK economy is dire, and the election is unlikely to change that meaningfully. Impacts on the real economy will be small in most outcomes, and in asset markets any post-election rally is likely to be short-lived. The key questions when thinking about the real economy are: will a new government do anything to tackle the long-run productivity shortfall in the UK; and will it offer a second referendum on EU membership? Answering ‘yes’ to either of…