UK funds experienced a dramatic turnaround in fortunes in 2018, with retail sales plummeting 85% from the previous year due to a prolonged period of political and economic turmoil.

Figures from the Investment Association, the trade body that represents the UK’s fund management industry, show net retail sales for last year were £7.2bn — down by more than three-quarters from the £48.5bn recorded for the whole of 2017.