Dealmaking in the UK by some of the largest sovereign wealth funds has plummeted because of the growing uncertainty around Brexit, a report from IE Business School in Madrid has revealed. State-backed funds — including Singapore’s GIC and the Canada Pension Plan Investment Board — invested a total of $21bn in the UK in 2017 compared with only $1.8bn last year, said the report, based on the total assets allocation of 91 funds with $8.1tn of assets under management. There were only eight deals by SWFs in the UK last year, compared with 18 a year before.