Brexit has pushed British money out of the U.K., according to a research published on Monday.
British firms have increased their investments into EU countries by £8.3 billion ($10.73 billion) amid the uncertainty surrounding the U.K.'s exit from the European Union.
A study conducted by academics from the London School of Economics' Centre for Economic Performance (CEP) looked into how the vote to leave the EU has affected outward investment by U.K. companies.
It found that the Brexit vote led to a 12 percent increase in new foreign direct investment (FDI) projects in EU countries by U.K. firms. According to the report, those investments would otherwise have taken place domestically and therefore represented lost investment for Britain.
Meanwhile, investment from the EU into the U.K. decreased since the vote, with new FDI declining by 11 percent. This amounted to an additional loss of £3.5 billion ($4.52 billion), with the report's authors predicting that losses to the U.K. would increase significantly in the case of a no-deal Brexit.
Britain is set to leave the EU on March 29. With less than 50 days to go, lawmakers in the U.K. are scrambling to put together a deal for an orderly Brexit.