The annual rate of activity growth had slowed overall as uncertainty rose following the EU referendum, although it remained positive. However, business sentiment improved slightly in August following a marked dip in the immediate aftermath of the referendum.

Consumer spending growth and confidence had been more resilient. Although housing market activity had fallen markedly in London and in parts of the surrounding area, it had held up relatively well in other parts of the United Kingdom.

Companies' investment and employment intentions had fallen, and were consistent with broadly flat levels of capital spending and employment over the coming six to twelve months.