This Update generally covers intelligence gathered from business contacts between late June 2016 and late July 2016.

• A survey of companies indicated the result of the EU referendum would have a negative effect, overall, on capital spending, hiring and turnover over the coming year (previously published in the August Inflation Report). Consistent with those results, Agents' scores for employment and investment intentions had weakened in absolute terms, pointing to expectations of little change in staff numbers and capital spending over the coming six to twelve months.

• Business services growth had softened further, partly reflecting weakness in commercial property investment and corporate transactions. Consumer spending growth had also slowed, although that appeared to have partly reflected the effects of unusually wet weather. A decline in manufacturing export volumes had been arrested, aided by the depreciation of sterling.