The world’s largest sovereign wealth fund is taking a 30-year bet that Britain will emerge from Brexit stronger outside the European Union.

In an unexpected move, Norway’s £740 billion wealth fund said yesterday that it would increase its exposure to British companies, property and bonds regardless of the outcome of Brexit negotiations.

This comes despite a 12 per cent fall in the value of its £62 billion of UK investments this year. Britain is the third largest market for the fund’s investment capital, which was built up from Norway’s oil and gas revenues.

In a bullish statement Yngve Slyngstad, the chief executive, said: “We will continue to be significant investors in Britain. We foresee that over time our investments in the UK will increase.”

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