Brexit latest: Investors pull £5bn from UK stock market funds after EU referendum

Investors pulled £5.7 billion out of UK-based stock market funds, preferring to put their cash into safe havens due to concerns over Britain’s vote to leave the EU.

Figures from data company Morningstar showed worries over the referendum results prompted investors to withdraw £5.7 billion from UK equity funds last month, while property funds suffered from a further outflow of £438 million.

Investors had already pulled more than £3 billion out of all UK funds in June.

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The total outflow from UK-domiciled funds was nearly £5 billion, the heaviest level of redemption in three years.

Some of the money might have been redeployed into assets seen less risky such as government bonds.

By contrast, investors returned to the European market with vigour, putting €15.8 billion into European-based funds, the second-highest level of inflows seen in a one-month period this year, according to the Financial Times.