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UK Treasury’s warning of bank outflows falls flat in post-Brexit data

So far, there's little sign of foreign investors dumping their sterling-denominated deposits since the vote to leave the EU

UK Treasury’s warning of bank outflows falls flat in post-Brexit data
Photo: iStock

The massive outflow from sterling bank deposits that some politicians and economists predicted if the UK voted to leave Europe hasn’t yet happened.

UK banks recorded an increase of £6.6 billion in sterling-denominated deposits from overseas residents in July, according to data published on August 30 by the Bank of England.

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