The combined value of domestic and outbound mergers and acquisitions by UK companies, at $40.9bn for the year-to-date, has fallen to the lowest level since Dealogic's records began in 1995, as British companies are bypassed by an uptick in activity.

UK outbound M&A volume stands at $15.6bn, less than a third of the figure for inbound activity, and the lowest since 1995. The biggest deal of this kind this year so far is Anglo-Dutch consumer goods firm Unilever's open offer for an additional 22.5% stake in Hindustan Unilever of India, in a $5.4bn deal that would raise its holding to 75%.