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Brexit latest: How is the UK economy doing? Brexit latest: How is the UK economy doing?
(1 day later)
The UK may have decided to leave the European Union on 23 June, but what this will actually mean for the country's economy, housing and jobs markets will only become clear in the ensuing months.The UK may have decided to leave the European Union on 23 June, but what this will actually mean for the country's economy, housing and jobs markets will only become clear in the ensuing months.
Here we highlight the latest developments following the vote.Here we highlight the latest developments following the vote.
EconomyEconomy
Keeping Britain's membership of the EU single market could boost the country's economy by an extra 4%, the Institute for Fiscal Studies (IFS) has said.Keeping Britain's membership of the EU single market could boost the country's economy by an extra 4%, the Institute for Fiscal Studies (IFS) has said.
The think tank has weighed up the benefits of staying in the single market compared with membership of the World Trade Organization alone. While leaving the EU would free the UK from having to make a budgetary contribution of £8bn, loss of trade could depress tax receipts by a larger amount, it said.The think tank has weighed up the benefits of staying in the single market compared with membership of the World Trade Organization alone. While leaving the EU would free the UK from having to make a budgetary contribution of £8bn, loss of trade could depress tax receipts by a larger amount, it said.
Warmer weather helped Britain's retailers sell more in July than during the same period last year, defying predictions of a post-Brexit slump, with total sales up by 1.9%, according to a survey from the British Retail Consortium (BRC) and KPMG.Warmer weather helped Britain's retailers sell more in July than during the same period last year, defying predictions of a post-Brexit slump, with total sales up by 1.9%, according to a survey from the British Retail Consortium (BRC) and KPMG.
Helen Dickinson, the BRC chief executive, said "little has materially changed" for most UK households since the vote, so the rise was not surprising.Helen Dickinson, the BRC chief executive, said "little has materially changed" for most UK households since the vote, so the rise was not surprising.
UK industrial output grew at the fastest rate for 17 years in the April-to-June quarter, up 2.1% compared with the first quarter of the year. The Office for National Statistics said "very few" respondents had been affected by the uncertainty from the referendum.UK industrial output grew at the fastest rate for 17 years in the April-to-June quarter, up 2.1% compared with the first quarter of the year. The Office for National Statistics said "very few" respondents had been affected by the uncertainty from the referendum.
The UK's tourism sector has also seen a boost, says travel analytics firm ForwardKeys. Flight bookings to the UK rose 7.1% in the four weeks after 23 June, as a weaker pound has made Britain a cheaper destination for overseas tourists.The UK's tourism sector has also seen a boost, says travel analytics firm ForwardKeys. Flight bookings to the UK rose 7.1% in the four weeks after 23 June, as a weaker pound has made Britain a cheaper destination for overseas tourists.
Last week, the Bank of England cut interest rates from 0.5% to a record low of 0.25% and also announced a new round of government bond buying, as part of its quantitative easing (QE) programme to boost the economy.Last week, the Bank of England cut interest rates from 0.5% to a record low of 0.25% and also announced a new round of government bond buying, as part of its quantitative easing (QE) programme to boost the economy.
But the Bank has since revealed that it missed its bond-buying target as it failed to find enough sellers - resulting in the return on some UK government debt turning negative.But the Bank has since revealed that it missed its bond-buying target as it failed to find enough sellers - resulting in the return on some UK government debt turning negative.
HousingHousing
The UK housing market is continuing to slow after the Brexit vote, according to a survey by the Royal Institution of Chartered Surveyors (Rics) with a significant slowdown in price rises in the three months to the end of July. Though Rics also says the market could take off again over the next 12 months.The UK housing market is continuing to slow after the Brexit vote, according to a survey by the Royal Institution of Chartered Surveyors (Rics) with a significant slowdown in price rises in the three months to the end of July. Though Rics also says the market could take off again over the next 12 months.
Meanwhile, there have been mixed signals about the state of the UK housing market post-Brexit from the Halifax and the Nationwide Building Society.Meanwhile, there have been mixed signals about the state of the UK housing market post-Brexit from the Halifax and the Nationwide Building Society.
The Halifax said UK house prices fell 1% in July compared with June, while the Nationwide said prices rose by 0.5% during the month. Annual house price inflation is 8.4% according to the Halifax, and 5.2% according to the Nationwide.The Halifax said UK house prices fell 1% in July compared with June, while the Nationwide said prices rose by 0.5% during the month. Annual house price inflation is 8.4% according to the Halifax, and 5.2% according to the Nationwide.
It's a different story when it comes to commercial property though. Demand for office space in London has bounced back from a pre-referendum dip, according to a report from the commercial property firm CBRE.It's a different story when it comes to commercial property though. Demand for office space in London has bounced back from a pre-referendum dip, according to a report from the commercial property firm CBRE.
The amount of space being taken by firms in the capital rose to almost a million square feet in July - a 24% rise on the figure for June.The amount of space being taken by firms in the capital rose to almost a million square feet in July - a 24% rise on the figure for June.
Earlier, in its August inflation report, the Bank of England suggested that uncertainty had "probably weighed on activity" in the housing market and that house prices would "decline a little over the near term".Earlier, in its August inflation report, the Bank of England suggested that uncertainty had "probably weighed on activity" in the housing market and that house prices would "decline a little over the near term".
Activity in the UK's construction industry fell for the second month in July, according to the Markit/CIPS purchasing managers' index (PMI), with output shrinking at the fastest pace since June 2009. UK construction output fell in June but there is "little anecdotal evidence" of a Brexit impact, says the Office for National Statistics. This contrasts with the Markit/CIPS purchasing managers' index (PMI), which suggests output in July shrank at its fastest since June 2009.
Building suppliers firm Travis Perkins says the vote has created "significant uncertainty" in the outlook for its business.Building suppliers firm Travis Perkins says the vote has created "significant uncertainty" in the outlook for its business.
However, the Mineral Products Association, which represents firms making products such as asphalt and cement, said its figures pointed to an upturn in the industry.However, the Mineral Products Association, which represents firms making products such as asphalt and cement, said its figures pointed to an upturn in the industry.
JobsJobs
The world's biggest security firm, G4S, has warned the UK's workforce and economic growth may shrink as a result of Brexit.The world's biggest security firm, G4S, has warned the UK's workforce and economic growth may shrink as a result of Brexit.
"Depending on the nature of the terms of the UK's exit from the EU around the free movement of capital and labour, this could result in a shortage of skills or workforce availability in the UK," said chief executive Ashley Almanza, as the company announced its half-year results."Depending on the nature of the terms of the UK's exit from the EU around the free movement of capital and labour, this could result in a shortage of skills or workforce availability in the UK," said chief executive Ashley Almanza, as the company announced its half-year results.
However, the company added that it is "relatively well positioned, with around 80% of revenues outside the UK".However, the company added that it is "relatively well positioned, with around 80% of revenues outside the UK".
The UK jobs market suffered a dramatic freefall in July, with permanent hiring dropping to levels not seen since the recession of 2009, says the Markit/REC report on jobs.The UK jobs market suffered a dramatic freefall in July, with permanent hiring dropping to levels not seen since the recession of 2009, says the Markit/REC report on jobs.
"Demand for staff remains strong with vacancies continuing to rise, but the sharp fall in placements suggests that businesses are highly cautious," commented REC chief executive Kevin Green."Demand for staff remains strong with vacancies continuing to rise, but the sharp fall in placements suggests that businesses are highly cautious," commented REC chief executive Kevin Green.
One of Britain's biggest banks, Lloyds, has accelerated its job-cutting scheme, axing a further 3,000 posts and has doubled its planned branch closures - but says this decision was taken before the referendum.One of Britain's biggest banks, Lloyds, has accelerated its job-cutting scheme, axing a further 3,000 posts and has doubled its planned branch closures - but says this decision was taken before the referendum.
Meanwhile, other firms have announced new jobs since the vote. Pharmaceuticals firm GlaxoSmithKline is to invest £275m in the UK, saying the country remains "an attractive location" despite Brexit.Meanwhile, other firms have announced new jobs since the vote. Pharmaceuticals firm GlaxoSmithKline is to invest £275m in the UK, saying the country remains "an attractive location" despite Brexit.
McDonald's is to create 5,000 new jobs taking its total number of employees in the UK to 115,000, but says "challenging economic conditions" remain. And London financial services company Tullett Prebon is creating 300 new IT jobs in Belfast.McDonald's is to create 5,000 new jobs taking its total number of employees in the UK to 115,000, but says "challenging economic conditions" remain. And London financial services company Tullett Prebon is creating 300 new IT jobs in Belfast.