UK-based investors pulled out £3 billion from equities in November, with outflows nearly every day ahead of Chancellor of the Exchequer Rachel Reeves’s budget, before starting to buy stocks again when the measures weren’t as bad as feared.
The withdrawal by UK investors was the second worst month on record, after £3.6 billion in October, according to data compiled by Calastone. The outflows reversed on Nov. 26, the same day as Reeves’ budget, signaling some investors returned after speculated tax hikes didn’t materialize.
