Rachel Reeves’s prolonged Budget run-up has sparked a record rush out of the markets, with British investors pulling more than £10billion from global stocks in just six months.

The exodus represents the longest uninterrupted selling streak since records began in 2015, according to data provider Calastone.

Investors withdrew a net £3.02billion from equity funds during November, the second-worst month on record, and marking six months of net withdrawals, according to Calastone, the funds network.

The amount in November was beaten only by the £3.63billion withdrawn by investors in October.

The drawn-out wait for the Budget, and speculation over what it might contain, pushed savers to dump shares at a pace not seen before.

Edward Glyn, head of global markets at Calastone, described the findings as “clear evidence” that investors were deeply concerned about how the Budget might affect their holdings.

The scale and duration of withdrawals surpassed any previous period in the firm’s records.

“The political narrative has played havoc with UK savers in recent months. Never have we seen such consistent or large-scale selling before,” Mr Glyn said.

He attributed the mass exodus to the unusually extended period before the November Budget, which was repeatedly disrupted by leaks about potential measures and subsequent policy reversals.

“The recent period of policy uncertainty has clearly unsettled investors and, in some cases, prompted reactive decisions they may later regret,” he added.

On all but one trading day before the November 26 announcement, more funds were sold than purchased.

Fears that tax-free pension lump sum rules would be tightened and worries about potential capital gains tax rises appeared to be the primary motivations behind the selling frenzy, according to Mr Glyn.

North American equity funds bore the brunt of the sell-off, shedding a record £812million, while UK-focused funds saw net withdrawals of £847million.

British investors have shown particular reluctance towards domestically focused equity funds, with just one month of positive inflows recorded across the past 55 months.

That solitary month of gains, in November 2024, occurred only as savers recycled money back into funds following pre-Budget withdrawals.

Europe-focused funds stood alone in attracting fresh capital, receiving modest inflows of £78million during November.

Investors instead sought refuge in safer options, with money-market funds attracting a record £1.25billion in November, surpassing the previous high of £955million set the month before. Fixed income products also proved popular, drawing £643million in fresh capital.

The selling spree came to an abrupt halt on Budget day itself, with cash flowing back into equities for the remainder of November.

Looking ahead, Mr Glyn suggested savers might rush to maximise pension contributions before new restrictions take effect. Ms Reeves introduced a £2,000 annual cap on tax-free pension contributions through salary sacrifice schemes, due to come into force from April 2029.

“It’s going to be really interesting to see what happens over the course of perhaps the next few months,” he said.