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    June Capital Outflow From UK Exceeds 2008 Crisis Levels by Some 600% Amid Brexit

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    Britain Says 'Cheerio' to EU (463)
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    Monthly capital outflow from the United Kingdom in June has significantly - by 592 percent - surpassed the outflow recorded during the peak of the 2008 financial crisis amid UK voters' decision to leave the European Union, the Financial Times reported Tuesday.

    MOSCOW (Sputnik) — According to the newspaper, in June retail investors pulled out 3.5 billion pounds ($4.65 billion at the current exchange rates) compared with only 591 million pounds in January 2008, when the economy was in the nadir of the financial crisis.

    The newspaper added that even the collapse of the US financial giant Lehman Brothers in October 2008 pushed investors to withdraw just 493 million pounds from the UK economy.

    On June 23, the United Kingdom held a referendum to determine whether or not the country should leave the European Union. According to the final results, 51.9 percent of voters, or 17.4 million people, decided to support the so-called Brexit, while about 16.1 million opposed it.

    The Brexit decision caused economic turbulence in the UK economy, including a drop in the country’s stock indexes and a devaluation of the national currency.

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    Britain Says 'Cheerio' to EU (463)

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    capital outflow, Brexit, 2008 Global Economic Crisis, Britain
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