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Budget tax hikes spur record high equity fund outflows
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Equity funds suffered their worst month of outflows on record in October with withdrawals reaching £2.7bn, according to the latest Fund Flow index from Calastone. After sell orders had surged 36% month-on-month, they plummeted by 40% overnight as CGT rate hikes took place immediately on the day of the Budget (30 October). UK gilt yields hit 2024 high as investors mull over Budget borrowing «Fears of a CGT grab in last week's Budget spurred investors to book their profits and crystallise a lower tax bill well before the chancellor rose to her feet in the commons,» said Edward Glyn...
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