Investors are dumping UK shares at the fastest pace in more than two decades, according to a report.
In the latest blow to the City, a Bank of America survey of 165 fund managers found they are 20 per cent ‘underweight’ in British stocks, meaning they take a particularly dim view of the London market.
This was down from 2 per cent ‘underweight’ in August, and sparked warnings investors are ‘terrified’ of the upcoming Budget and increasingly see the UK as an ‘emerging economy’.
The swing downwards in sentiment represented the biggest shift out of UK shares since 2004 and the second largest in the survey’s history.
The bruising vote of no confidence came as Chancellor Rachel Reeves welcomed her US counterpart Scott Bessent…
