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Investors pull £65bn out of UK in two months

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Investors have pulled £65bn out of the UK in March and April as market uncertainty around the upcoming Brexit vote rises, Bank of England figures show.

The BoE says the money was either taken out of the country or converted into other currencies in the two months to April, the Telegraph reports.

The rate of outflows was the highest recorded since early 2009.

In March alone £59bn was pulled from UK assets and currency and a total of £77bn was withdrawn in the half year to April, according to the BoE numbers.

A number of fund managers have already started to Brexit-proof their portfolios since the start of the year, repositioning away from sterling assets and transferring part of their investments away from the UK.

Earlier this week, sterling volatility hit crisis levels surging 22 per cent as an online YouGov poll showed almost half of 3,500 Britons polled would opt for a leave vote.

The EU referendum will be held in less than three weeks, on 23rd June.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Julian Stevens 8th June 2016 at 10:38 am

    Given the predictions that a vote to leave is likely to upset stock markets just about everywhere except perhaps the Far East, Latin America and Australasia, one wonders where these jittery investors have put their money instead of the UK and Europe. North America perhaps?

  2. For those who keep telling us that all will be fine if we Brexit – perhaps they need to look at these figures. This is but a curtain raiser of the mayhem to come if we vote leave.

    Julian – In answer to your question – In Gold, Timber, Healthcare, IT, Security etc (See Pictet Funds). But this is only for collectives. The BoE figures probably include shares as well. So Switzerland – Novartis, Roche, Richmont etc. Then there is always cash and FOREX, just to park the money until the dust settles. I have heard that some hedge funds are backing BREXIT purely because the hope to short Sterling and make a killing if we leave.

    What the figures don’t take into account is those who are sitting on their hands until after 23 June – waiting to snap up possible bargains.

    All the international economic big guns can’t be that wrong. Even if they are the likes of the hedgies, Goldman Sachs and the other investment banks are salivating at the prospect of shorting the UK and thus making the prophesies come to pass.

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