McGovern – Bank of America survey shows “all is not well with the British economy”

British equities are the worst rated asset class globally amongst big investors, languishing at the bottom of a list of 22 different classes of global assets.

A survey of 163 fund managers by Bank of America, reported by the FT, showed UK company shares to be the least popular investment option and most likely to be backed to fall in price.

Prices on the London Stock Exchange have fallen since their peak on 12 January, with the FTSE All-Share Index down by over 8% since then (with the FTSE 100 index down by slightly more).

 

Commenting, Alison McGovern MP, leading supporter of the Open Britain campaign, said:

If investors flee from British equities and see the London stock exchange as only a losing bet, then it is a sign that all is not well in the British economy. Also, it can add to business costs and depress investment. The costs will be felt across the country. 

The Brextremists promised us Brexit would boost our economy but as the evidence mounts that it is damaging we all should keep an open mind on whether it is right choice for Britain.”

/ends

 

Notes to editors

The FT’s story is here (paywall): https://www.ft.com/content/d44966ce-1c97-11e8-aaca-4574d7dabfb6