The UK is on course for its third consecutive deficit in mergers and acquisitions. It is the only large European country to be a net seller of companies to foreign buyers, according to analysis by Financial News.

The UK, Europe's biggest M&A market, has been the subject of $68bn (€54bn) worth of bids from foreign companies this year. British companies launched bids worth $48bn for overseas groups in the same period, giving it a deficit of $20bn, according to Thomson Financial, an investment banking data provider. Last year's total deficit was $45bn, while it was $78bn in 2004.