Retail investors yanked £1.2bn from UK equity and bond funds during May, adding to a sustained streak of outflows for these funds that the Investment Association — which prepares the statistics — laid at the door of Brexit.

Alastair Wainwright, fund market specialist at the asset managers’ trade body, said: “UK equities have been unpopular with UK investors since the beginning of January 2016, however, outflows increased following the Brexit referendum result.”