PROMINENT Brexiteer John Redwood has advised investors to avoid the UK and take their pounds elsewhere.

Writing in the Financial Times, the veteran Wokingham MP suggested the smart money would be placed on the European Central Bank in an article titled 'Look further afield as the UK hits the brakes.'

Mr Redwood, who described the economic gains of leaving the EU as "considerable" before the referendum, wrote: "I sold out of the general share ETFs in the UK after their great performance for the year from early July 2016 when I saw the last Budget and heard the BoE's credit warnings.

"The money could be better put to work in place where the authorities are allowing credit to expand a bit, to permit faster growth.

"To promote faster growth, the European Central Bank has signalled there will be no rises in interest rates for the foreseeable future.

"It has continued with a money creation and bond-buying programme. Meanwhile, the Bank of England is busily arguing with itself."

An ETF, or exchange-traded fund, is a marketable security that tracks an index, commodity, bonds or basket of assets like an index fund.

On top of his £74,962 MP salary, Mr Redwood takes home £180,000 a year for 300 hours work as chairman of Investment Committee of CS Pan Assett Capital Management Ltd.