Budget uncertainty shatters market confidence, British investors flee the stock market in November.

British investors withdrew 3 billion pounds from the stock market in November, with daily outflows almost every day until Chancellor Rishi Sunak announced the budget, only to resume buying stocks after the budget measures were not as harsh as expected. According to data compiled by Calastone, the scale of withdrawals by British investors in November was the second worst on record, second only to the 36 billion pounds withdrawn in October. The outflows reversed on November 26 - the day Sunak announced the budget - indicating that some investors returned to the market after the anticipated tax increases did not materialize. These data further demonstrate that policy signals before the budget announcement have made the economic atmosphere more cautious, weakening consumer confidence, dragging down retail sales, and impacting the real estate market.