UK Business Morale Plunged After EU Vote – Survey

British business confidence plunged in the immediate aftermath of the June 23 vote to leave the European Union, regained a little ground later, but was still down sharply compared with last quarter, an industry body said on Monday.

The Institute of Chartered Accountants in England and Wales (ICAEW) said its business confidence index fell to -27.7 for the period June 24 to July 20, compared with -0.7 from April 27 through to the June 23 referendum.

The survey of 1,000 chartered accountants showed that the construction, property and transport sectors suffered the sharpest declines in confidence.

Reuters

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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.