22-07-2016, 10:59 AM
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Brexit sends economy to 'seven-year low'
Main headline on the BBC right now
Britain's decision to leave the EU has led to a "dramatic deterioration" in economic activity, not seen since the aftermath of the financial crisis.
Data from Markit's Purchasing Manager's Index, or PMI, shows a fall to 47.7 in July, the lowest level since April in 2009. A reading below 50 indicates contraction.
Both manufacturing and service sectors saw a decline in output and orders.
However, exports picked up, driven by the weakening of the pound.
Also: Business live: pound tumbles http://www.bbc.co.uk/news/live/business-36812583
22-07-2016, 11:59 AM
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Re: Brexit sends economy to 'seven-year low'
Azz
stop listening to the doom mongers 
the article also states...
In addition, the financial markets have stabilised and in some areas rebounded, in an adjustment after the vote that was described by the IMF as severe but generally orderly.
22-07-2016, 04:15 PM
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Re: Brexit sends economy to 'seven-year low'
Unfortunately I do not think it is unwarranted - we are already seeing negative effects of the weakened pound.It’s the nature of the world we live in today that we know more about the multi-million sale of a centre forward to Chelsea than we do about the multi-billion sale of one of the UK’s finest tech companies.
This week ARM, a global success story, was sold. Based in Cambridge, the high tech capital of the UK, the company sold 15billion microchips last year, generating a revenue of $1.5billion. As a world-leading designer of microchips, ARM is at the vanguard of the technology underpinning the “Internet of Things” - widely expected to be the next technological paradigm.
It's a disaster for the UK computer industry - selling ARM, a company that can beat Intel, is just utter craziness
22-07-2016, 04:21 PM
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Re: Brexit sends economy to 'seven-year low'
HiI agree with Azz in respect of the sale of ARM.
We sell off far too many of our best companies to foreign companies who promise everything and then asset strip them.
It will be the first of many, the £ is so low they can buy our Industry on the cheap.
22-07-2016, 04:26 PM
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Re: Brexit sends economy to 'seven-year low'
Originally Posted by Azz
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Unfortunately I do not think it is unwarranted - we are already seeing negative effects of the weakened pound.http://www.huffingtonpost.co.uk/jon-..._11104512.html
It's a disaster for the UK computer industry - selling ARM, a company that can beat Intel, is just utter craziness
I agree that selling of ARM is a crazy decision we need to retain are top industries not least because they are the training ground for young talent. But I don't equate selling ARM with the referendum. If 'Remain' had won this deal would surely have been on the table anyway (though I appreciate the lower £ will make it cheaper to purchase) .
22-07-2016, 04:42 PM
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Re: Brexit sends economy to 'seven-year low'
The Markit's Purchasing Managers' Index figures were being discussed on the radio at lunch time and the opinion of some people in the business sector was that it is too early to tell what overall effect the leave vote has had on the economy .A more accurate assessment will be possible in a few months time.
I don't think anyone expected complete plain sailing.
22-07-2016, 04:46 PM
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Re: Brexit sends economy to 'seven-year low'
Depends who you belive.Britain BOOMS after EU vote: Ignore the doom-mongers…it’s good news all round
BRITAIN has been boosted by a host of positive economic reports putting paid to scaremongers who promised a financial crisis if we left the EU.
The Bank of England admitted it saw “no evidence” of a sharp economic slowdown and the pound gained in strength as a result.
Positive job figures showing unemployment falling and record numbers in work were heralded by new Prime Minister Theresa May.
Average earnings in the year to May were up 2.3per cent, official figures revealed, and mortgage brokers reported a brisk trade from foreign investors
The FTSE index of the UK’s top 100 companies soared to an 11 month high, closing above the 6,700 mark for the first time since August.
The Bank of England, whose governor Mark Carney warned in May that Brexit was likely “to have a negative impact in the short term” reported that no such impact could be detected.
The Bank’s network of “regional agents” said UK firms were trying to maintain “business as usual.
http://www.express.co.uk/news/uk/691...ic-news-Brexit
22-07-2016, 05:52 PM
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Re: Brexit sends economy to 'seven-year low'
Originally Posted by JBR
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I blame Brexit for all this oppressively hot weather we've been having. Had we stayed in, I'm sure it would be pouring down now.
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