Shockwaves from Britain’s vote to leave the European Union are reverberating through the economy, with surveys published on Thursday showing a dive in consumer confidence and a slowdown in construction.
Preparing for a Brexit-related slowdown, Lloyds Banking Group (LLOY.L) said it would cut 3,000 jobs and one of Britain’s biggest car dealerships, Inchcape, predicted growth in new car registrations would slow.
Just over a month after the referendum, the latest signals of an economic slowdown are likely to fuel expectations of action from the Bank of England on Aug. 4, when many economists believe it will cut interest rates and might start buying bonds again.