This study looked at how things like interest rates, inflation, and exchange rates affect the stock market in the UK before the 2008 financial crisis. They found that there is no direct link between these factors and stock returns, but the exchange rate does influence stock prices. Inflation and exchange rate growth do impact the UK stock market, and all these macroeconomic factors have a stable long-term effect on stock prices. Overall, these factors push the UK stock market towards a balanced state quickly.