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?

    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.

    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.

    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.

    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.

    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.

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

    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.

    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.

    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.

    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.

    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.

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