Institutional investors are dumping shares in UK companies at the fastest rate in more than 20 years, according to analysis by the Bank of America. No surprise, given that ‘Phase 2’ has amounted to Downing Street in survival mode, soaring borrowing costs, and the threat of yet another tax raid on the horizon…
The bank’s September fund manager survey shows allocations to UK equities collapsing to a net 20% underweight, compared with just 2% underweight last month. That 18-point plunge marks the sharpest monthly shift away from UK shares since 2004 – and the second biggest allocation cut on record. Shadow Business Secretary Andrew Griffith said:
“This is incredibly serious. Investors are selling out of Britain at the same time as wealth creators are leaving. Under Rachel Reeves, the tide is going out and leaving the economy parched of investment and skills. Our formidable strengths remain but they can’t outrun the headwinds from Labour’s policies.”
We haven’t even had the budget yet…
Asked by Lobby hacks about his past comments on Trump (“any UK politician who gave Trump the time of day should be ashamed right now”) Burnham was blithe:
“Politicians say things throughout their career, but now the important thing is to focus on the moment you are in.”
Were it so easy…