Investors pull $94 bn from UK two months ahead of Brexit referendum

Jun 07, 2016 12:00 AM

Some 65 billion pounds ($94 billion) left the United Kingdom or was converted to other currencies in March and April ahead of the EU referendum, local media reported Tuesday.

According to the Bank of England monthly statistics, cited by Sky News, most of the money, amounting to 59 billion pounds ($85 billion) left the country in March.

"Investors are obviously concerned that in the event of a Brexit, the economic outlook will be very uncertain — investors dislike uncertainty — so they want to reduce their exposure to the UK equity and bond markets to reduce that risk," chief economist for Henderson Global Investors Simon Ward said as quoted by the media outlet.

On May 12, the Bank of England’s Monetary Policy Committee (MPC) said that the value of UK currency was likely to decrease significantly if Britain was to leave the European Union. It is not the first time the Bank of England has warned about possible risks of Brexit for the country's economy.

UK citizens are due to vote in a referendum on June 23 on a so-called Brexit, deciding whether the United Kingdom should leave the European Union or retain its membership in the bloc.

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