Britain’s economy has gone into reverse since last month’s Brexit vote, figures are set to show this week.
Surveys of activity in manufacturing and services are expected to provide some of the first indicators of a post-referendum slowdown.
Experts are suggesting that data from both manufacturing and service sectors are to have contracted since the start of this month, after modest growth in June. Showing a hit in confidence and business investment.
‘The economy is set to suffer a severe loss of momentum in the second half of the year,’ said Peter Spencer, chief economic adviser to the EY Item Club. ‘Heightened uncertainty is likely to hold back business investment, while consumer spending will be restrained by a weaker jobs market and higher inflation.’