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U.K. Bracing for Economic Slowdown

Business confidence sinks to lowest level since 2011, and Bank of England governor warns of tough times ahead.

By Lucy Meakin and Scott Hamilton, Bloomberg | Updated on July 07, 2016

U.K. business confidence sank to a four-and-a-half-year low in the days after Britons voted to leave the European Union, adding to evidence that the decision is blighting growth.

With investors anxiously awaiting data on the Brexit’s consequences, the gauge compounds signs that the referendum has hindered an economy that was already losing momentum. Even reports covering the period before the vote are showing signs of fragility, with Halifax saying house-price growth cooled in June. GfK is due to publish a one-off survey Friday that will assess consumer attitudes in the immediate aftermath.

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