Britain’s businesses expect the vote for Brexit to lead to weaker investment, hiring and turnover over the coming year, according to a nationwide study by the Bank of England.
The monthly health check by Threadneedle Street’s regional agents found that construction and business services were the two gloomiest sectors during the month that followed the June referendum.
The one part of the economy that envisaged easier trading conditions was manufacturing, where exports will be made cheaper by the fall in the value of the pound.
The agents – considered to be the eyes and ears of the Bank – conducted interviews with 270 businesses employing 1.2 million people.
