The UK economy is already showing early signs of stress in the wake of the Brexit vote with a consumer spending and productivity index slipping to multi-year lows last month.
Business activity in the second quarter of the year fell to three-year lows, according to Lloyds Bank’s tracker for manufacturing and services, with London emerging as a key casualty of the political and economic uncertainty caused by the referendum.
Lloyds said that for the first time since 2012, London saw a decline in growth, causing the capital to tumble down the index to it lowest reading since 2009.
As a result job creation slowed across England in June to its weakest rate since early 2013.
“The increased uncertainty in the period leading up to the EU referendum naturally led businesses to be cautious,” said Lloyds Bank’s mid-market boss Tim Hinton. READ MORE: http://www.telegraph.co.uk/business/2016/07/10/economy-stutters-as-brexit-fallout-takes-hold/