08-03-2016, 10:41 PM
The Bank’s survey found that most firms didn’t think Brexit would affect their capex or hiring plans. I take no comfort from this. As Geroski and Gregg showed in their great book, Coping with Recession, recessions happen because a few firms suffer badly, not because all suffer mildly. In the 1991 downturn, 10% of firms accounted for 80% of the gross drop in sales.
Stumbling and Mumbling: Brexit: a blow to the low-paid?
Activity among UK manufacturers contracted at its fastest pace for three years in July, according to a closely watched survey. The Markit/CIPS manufacturing purchasing managers' index, the first to have full data since the UK's vote to leave the EU, showed a fall to 48.2, the lowest since February 2013. The survey adds to concerns that the vote prompted a sharp fall in activity. A reading above 50 indicates expansion, but below 50 indicates contraction. The decline was sharper than an initial reading of 49.1 indicated late last month.
UK factory activity falls 'at fastest pace for three years' - BBC News
On the syllabus for that course should be Sarah Lyall's portrait of Boris Johnson this week, as well as her 2002 profile: ''Beneath the carefully constructed veneer of a blithering buffoon,'' Johnson said of himself, ''there lurks a blithering buffoon.''