GBP News

As the surprise and noise settle down, Chancellor of the Exchequer George Osborne is formulating new economic plans for the post-"Brexit" U.K. economy, that is said to include a drastic reduction in the corporation tax in a bid to attract more businesses to the country. In an interview to the Financial Times, published Monday, Osborne said he is planning to slash the corporation tax to below 15%.

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Five of the leading business groups in the U.K. have jointly sought immediate action to end the uncertainty facing EU nationals living and working in the country and progress on long-planned infrastructure projects, after the surprise "Brexit" decision.

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Like-for-like sales in the United Kingdom were down 0.5 percent on year in June, the British Retail Consortium said on Tuesday.

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Policymakers have to ease monetary policy significantly in August, given the greater uncertainty following the "Brexit" vote, Bank of England Chief Economist Andrew Haldane said.

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The uncertainty from "Brexit" suggests waiting for firmer evidence before taking any action, Bank of England policymaker Martin Weale said Monday.

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The U.K. unemployment rate fell to the lowest level in more than 10 years in the three months to May, reflecting strength in the labor market ahead of the 'Brexit' vote. The unemployment rate fell to 4.9 percent in the three months to May from 5.6 percent a year earlier, the Office for National Statistics said Wednesday.

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U.K. businesses do not expect any major impact from the "Brexit" in the near term, though uncertainty had risen significantly, the Bank of England said Wednesday.

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The "Brexit" uncertainty hurt the U.K. manufacturing sector more-than-initially expected in July, leading to the worst fall in more than three years, signaling a weak start to the third quarter. The final Purchasing Managers' Index for the factory sector plunged to 48.2 from 52.4 in June, marking its lowest level since February 2013, survey data from Markit showed Monday. A flash estimate for the

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British service sector shrunk for the first time in over three-and-a-half years and at the fastest pace in more than seven years, amid the uncertainty linked to "Brexit", survey data from Markit Economics and the Chartered Institute of Procurement & Supply showed Wednesday.

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The U.K. unemployment rate held steady at the lowest level in more than 10 years and the employment rate rose to record high despite heightened uncertainty amid "Brexit" vote in June. Data from the Office for National Statistics showed that the ILO unemployment rate came in at 4.9 percent in the second quarter, in line with expectations, and the same rate as seen in three months to May.

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