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13 Things That Have Happened To The UK Economy Since The EU Referendum

Vote Leave campaigner Boris Johnson said there would be "no economic shock" to the UK in the event of a Leave vote. One month on, what has actually happened?

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1. The International Monetary Fund has cut its 2017 growth forecast for the UK from 2.2% to 1.3% because of the economic fallout of the Brexit vote.

Christine Lagarde, managing director of the International Monetary Fund.
Drew Angerer / Getty Images

Christine Lagarde, managing director of the International Monetary Fund.

2. On 24 June, sterling fell by 8% against the dollar, the biggest one-day fall of any hard currency since the early 1970s. The pound is still at a 31-year low and hasn't recovered.

A man looks at his computer screen showing the Brexit live poll and realtime GBP/HKD rates on during a live broadcast of the Brexit vote results in Hong Kong on 24 June.
Anthony Wallace / AFP / Getty Images

A man looks at his computer screen showing the Brexit live poll and realtime GBP/HKD rates on during a live broadcast of the Brexit vote results in Hong Kong on 24 June.

3. This meant that the British pound became the world's worst-performing currency of the year.

4. Sterling's weakness helped fuel a £24.3 billion Japanese takeover of the UK's largest technology company, ARM Holdings. Analysts expect more post-referendum foreign takeovers.

Chancellor Philip Hammond greets Masayoshi Son, CEO of Japanese mobile company SoftBank, who has just agreed to purchase ARM Holdings for £24.3 billion.
Niklas Halle'n / AFP / Getty Images

Chancellor Philip Hammond greets Masayoshi Son, CEO of Japanese mobile company SoftBank, who has just agreed to purchase ARM Holdings for £24.3 billion.

5. Six major property funds, collectively worth more than half the £25 billion invested in commercial property in the UK, suspended trading to stop investors withdrawing their funds. The funds have since started selling off key buildings such as 440 Strand in central London, the home of Coutts bank.

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6. The government scrapped its flagship fiscal policy of the last six years: bringing public finances to a surplus by 2020. The policy's architect, former chancellor George Osborne, was unceremoniously sacked by new prime minister Theresa May.

Former chancellor of the exchequer George Osborne
Wpa Pool / Getty Images

Former chancellor of the exchequer George Osborne

7. The UK lost its AAA credit rating as a direct result of the referendum outcome.

Niklas Halle'n / AFP / Getty Images

8. The day after the referendum, the Bank of England said it would make an extra £250 billion available to support financial markets. It chose not to adjust the base interest rate, however.

Governor of the Bank of England Mark Carney
Dylan Martinez / PA WIRE

Governor of the Bank of England Mark Carney

9. A survey of chief finance officers from 250 of the biggest companies in the UK showed optimism has fallen lower than when Lehman Brothers collapsed in 2008.

Daniel Leal-olivas / AFP / Getty Images

10. Royal Bank of Scotland and Lloyds Bank, both partially owned by the taxpayer, lost £8 billion of their value in the days following the vote and their share prices have yet to recover.

/ PA WIRE

11. The Bank of England has warned of a "weakening" housing market as a survey of chartered surveyors found there were 45% fewer properties for sale in June, compared with a year earlier.

An advert for a luxury property is seen in the window of an estate agent in January 2015 in west London.
Carl Court / Getty Images

An advert for a luxury property is seen in the window of an estate agent in January 2015 in west London.

12. House prices in London could fall by 30% or even 50% in some of the city's most expensive boroughs, according to Société Général.

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13. The construction industry contracted in June to a seven-year low. We'll get July's figure in a month.

Rui Vieira / PA WIRE

Patrick Smith is a senior reporter for BuzzFeed News and is based in London.

Contact Patrick Smith at patrick.smith@buzzfeed.com.

Simon Neville is business editor at BuzzFeed UK and is based in London.

Contact Simon Neville at simon.neville@buzzfeed.com.

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