Brexit has prompted the biggest bet against UK shares for two years, figures have shown.

Financial data firm Markit says 2.3% of shares in the UK’s 350 biggest quoted companies are currently on loan with short-sellers, who sell stocks in the hope of buying them back more cheaply later and making a profit.

While the overall proportion of shares on loan is at the highest level since 2014, the domestically focused stocks which largely make up the FTSE 250 index have been disproportionately targeted by the shorters. Demand to borrow shares in FTSE 250 stocks has jumped by a third, Markit adds.

But the big rise in shorting is good news for the institutions who generate fees by lending out their shares. Analyst Simon Colvin said shorting fees had jumped by more than $35 million (£28 million) over the year, representing a 27% rise on 2015.

Colvin added: “Uncertainty surrounding Brexit has been the main catalyst driving the increased UK revenues as short selling in UK equities has surged to a multi-year high since the referendum vote back in June. These dynamics show no signs of slowing down heading into 2017.”

In the US, billionaire Elon Musk’s Tesla Motors was by far the most shorted stock, with at least 15% of its shares on loan throughout the year. Holders of Tesla shares gained $228 million of lending revenues, Markit said.