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Companies in London and the South East were most severely impacted by the shock vote to leave the EU, according to a manufacturing survey.

Businesses across England and Wales reported a drop in output in July for the first time since 2012, according to the survey by Lloyds Bank.

Lloyds said the purchasing managers’ index, which measures news orders, deliveries and employment, among other things, dropped from 52.5 in June to 47.4 in July, its lowest since April 2009. A reading below 50 signifies contraction, and the greater the divergence from the 50 mark, the greater the rate of decline.