omea,That's only part of the story. Due to lower returns for...

omea,

That's only part of the story. Due to lower returns for foreign investors, share prices drop, and effective cost of capital for the firm rises.

With increased cost of capital, which is a pre-taxation expense, there is a smaller overall pre-tax profit. That means smaller dividend yields (both cash and fc).

So even though on the face of it, you may think that Joe Blogg is not worse off, he actually is worse off.