Investors are moving billions of pounds in assets out of British currency and assets ahead of the European Union referendum, new figures suggest.
Around £65bn left the UK or was converted into other currencies in March and April, the largest amount since the economic crash.
In the six months to the end of April, £77bn was pulled out of British pounds, compared to just £2bn in the six months to the end of last October.
The figures, published by the Bank of England, are consistent with investors worrying that the pound is due for a sharp fall should Brexit occur.
Because financial markets are prone to collective panic, investors’ views are the main factor in determining whether the pound will actually fall. Any perception that a fall was about to take place could end up becoming a self-fulfilling prophecy.
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