UK - domiciled funds saw £ 11.7bn ( $ 14.1bn ) of outflows between January and the end of July , while in the latter month alone , £ 2.8bn flowed offshore , with the majority of all outflows heading to Ireland and Luxembourg , according to Calastone . It cited Brexit , particularly follow - up rhetoric surrounding no - deal , as the cause of the recession . commentators also blamed the £ 1.8bn outflow from active equity funds and said it was the biggest monthly hit suffered by the recession amid a move to passive funds .
UK-domiciled funds saw £11.7bn ($14.1bn) of outflows between January and the end of July, while in the latter month alone, £2.8bn flowed offshore, with the majority of all outflows heading to Ireland and Luxembourg, according to Calastone. It cited Brexit, particularly ramped-up rhetoric surrounding no-deal, as the driver of the shift. Calastone also noted the £1.8bn outflow from active equity funds and said it was the biggest monthly hit suffered by the sector amid a move to passive funds.