UK investors piled £11.2 billion into retail funds in the second quarter of this year, according to information from the Investment Association (IA).

The data also showed that net retail sales reached £2.2 billion in June, marking the third consecutive month of inflows, while inflows for the first half of 2020 reached £8.7 billion.

Bond funds saw inflows £2.1 billion in June, as they continued to recover from significant outflows in March.

Meanwhile, tracker funds remain steady, withl sales of £2.1 billion in June However UK equity funds saw outflows of £1.1 billion in the same month.

IA chief executive Chris Cummings said: “Following the highest ever monthly outflows in March, the second quarter of 2020 saw savers invest more than they did throughout the whole of 2019.

“Sales rebounded strongly from April through to June to reach £11.2 billion for the quarter, eclipsing 2019’s annual total of £9.8 billion.”

Mr Cummings warned that with coronavirus infection rates now rising globally post-lockdown and US real GDP having contracted 32.9 percent in Q2 - the highest ever fall - the outlook for fund flows for the second half of 2020 remains “uncertain”.