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“Investors reacted to the ratcheting up of uncertainty in the U.K., triggered by the change in political leadership,” said Chris Cummings, chief executive of the Investment Association. “Savers looked to weather the ongoing political and economic uncertainty by diversifying their investments and seeking out safe haven assets.”
The outflows came despite a positive month on the equity markets: in July, the CBOE U.K. All Companies Index rose 1.9%.
Instead, investors poured money into bonds. There were 2.2 billion pounds in net retail sales in July, the fifth straight month of positive flows.
The Investment Association press release