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Any slim hope of a smooth economic ride as the U.K. maneuvers its way out of the European Union (EU) seem to have been dashed by a succession of data points pointing to speed bumps ahead for the country's economy.
The bad news just seemed to keep on coming Friday, the day after the Bank of England announced a slate of new measures designed to minimize the effects of the departure from the 28-country trading bloc.
A key measure of house price health, the Halifax index, fell by 1 percent month-to-month in July, below the expected fall of 0.2 percent. At the same time, permanent jobs fell at their fastest rate for more than seven years, while salary growth slowed, according to the Markit/Recruitment and Employment Confederation report on jobs. One month's data, of course, does not make an entire picture of the economy, but does suggest that the short-term economic gloom many on the remain side of the referendum warned about will come to pass.
Goldman Sachs, the investment bank, warned that its U.K. operations may have to be restructured following the vote.
On Thursday, the Bank of England slashed its growth forecasts for the economy, to a level which implied that, without the package of extraordinary monetary policy measures, the U.K. would enter recession soon. The actions it has taken to try and manage the fallout include a rate cut to the historic low of 0.25 percent and an innovative new Term Funding Scheme which aims to ensure banks pass on the effects of the rate cut to the real economy. Carney said these banks had 'no excuse " not to pass them on.
"By acting early and comprehensively, the (Bank) can reduce uncertainty, bolster confidence, blunt the slowdown and support the necessary adjustments in the UK economy," he told reporters.
The TFS in particular is viewed as good for U.K. based businesses.
"The gap between the average coupon UK stocks are paying and the current corporate bond yield is at historical highs…Refinancing all outstanding debt at the current rates would boost earnings by c.13 percent for the UK market," analysts at UBS wrote in a research note – although they cautioned that it is unlikely the full refinancing benefit from the corporate bond buying program will materialize.
"We are obviously pleased at any measures that are going to help the banking sector generally in the U.K. For us, we have a very liquid bank … probably for us it provides less benefit," Ewen Stevenson, chief financial officer of Royal Bank of Scotland, the state-backed U.K. bank, told CNBC Friday.
Despite this short-term pain, chances are the referendum result would still result in a vote to leave. After all, there were no shortage of warnings of the potential hit to wallets ahead of the referendum.
For example, real wages have fallen by 10 percent in the U.K. since the global financial crisis, according to figures from the Organization for Economic Co-operation and Development, even though employment has increased slightly. Many of those who voted for Brexit already felt poorer and left behind, so a few quarters of house prices declining is unlikely to change their minds.