Investors pulled a whopping £10.4 billion out of UK stock in the last six months, according to data provider Calastone. A chunky £3.6 billion was pulled in October, while November saw £3 billion withdrawn from equity funds. The longest and most severe period of selling on record…
Head of global markets at Calastone Edward Glyn blamed the chaotic lead-up to the Winter Budget:
“The political narrative has played havoc with UK savers in recent months. Never have we seen such consistent or large-scale selling before. The recent period of policy uncertainty has clearly unsettled investors and, in some cases, prompted reactive decisions they may later regret.”
Meanwhile, Peel Hunt’s head of research Charles Hall warned that things could only get worse: “I think we’ll continue to see the same trends that we’ve seen for some time… it would surprise me if there was much of a recovery [in December]..” Reeves has now launched an “investigation” into who was responsible for all the budget briefings. She might want to start with a mirror…
