The value and numbers of mergers and acquisitions (M&A) involving British companies in the first quarter (Q1) 2019 plunged mainly due to Brexit uncertainty, according to a survey released Tuesday by the Office for National Statistics (ONS).

Data showed that the value of inward M&A, which referred to the foreign companies abroad acquiring British companies, was 6.3 billion pounds (about 8 billion U.S. dollars) in Q1 2019, a significant drop from the value of 38.8 billion pounds in the fourth Quarter (Q4) 2018.

Meanwhile, outward M&A, referring to British companies acquiring foreign companies abroad, was valued at 5.4 billion pounds in Q1 2019, a huge fall when compared with the value of 10.5 billion pounds in Q4 2018.

In addition, the value of domestic M&A, meaning that British companies acquiring other domestic companies, in Q1 2019 was 1.4 billion pounds, drastically down from 5.6 billion pounds in Q4 2018.

ONS stated that M&A activity can be affected by the economic outlook and company profits, quoting Agents' Summary of Business Conditions Report Q1 2019 issued earlier by the Bank of England (BOE) as "activity began to soften in some areas where growth had previously been strong, such as professional services and mergers and acquisitions."

The business conditions report said "weaker demand reflected Brexit uncertainty and concerns about UK political stability," adding that "activity could pick up again if Brexit-related uncertainty cleared."

(1 pound equals to 1.27 U.S. dollars)