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Brexit Shockwaves Hit UK Consumers, Companies Brace for Slowdown

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Shockwaves from Britain’s vote to leave the European Union are reverberating through the economy, with surveys published on Thursday showing a dive in consumer confidence and a slowdown in construction.

Preparing for a Brexit-related slowdown, Lloyds Banking Group (LLOY.L) said it would cut 3,000 jobs and one of Britain’s biggest car dealerships, Inchcape, predicted growth in new car registrations would slow.

Just over a month after the referendum, the latest signals of an economic slowdown are likely to fuel expectations of action from the Bank of England on Aug. 4, when many economists believe it will cut interest rates and might start buying bonds again.

Reuters

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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