>> It's hardly a surprise, but still disappointing. Manufacturing in the UK shrank at it's fastest pace in more than three years in July. A sign that Britain's decision to leave the EU Is hurting growth. Business morale plunged too. A survey of a thousand charted accounted showed business confidence fell sharply in July after the Brexit vote, compared to the period directly before the referendum.
Construction, property and transport were hit the hardest. It follows a similar sentiment from a consumer survey last week, possibly providing the impetus for the Bank of England to further cut interest rates later this week. There's talk of additional quantitative easing, too. And possibly an increase in the amount of credit lending to UK businesses.
Growth will almost certainly be revised down. The main question is whether the UK is heading into recession. Most analysts say yes, but Carney prefers the term material slowdown.