"The increased uncertainty in the period leading up to the EU referendum naturally led businesses to be cautious. On Friday, a survey of consumer morale by market research company GfK showed one of its biggest falls in more than 20 years. London, where a majority of voters favoured staying in the EU, looks set to take a big hit. Most of the responses came before the outcome of the vote was known, suggesting a further deterioration is possible. LONDON: British consumer spending fell last month, the business outlook darkened by the most in four years and economic activity in London slowed sharply, according to three reports which showed the vote to leave the European Union starting to take a toll.

Source: The Star July 10, 2016 22:52 UTC