Bank of England survey bolsters its view of weaker economy

[LONDON] The Bank of England released a survey on Wednesday showing business services growth and consumer spending slowed last month, partly due to June's vote to leave the European Union.

The BoE had released some of the findings of its August regional agents' survey in last week's quarterly Inflation Report, which showed companies expected the referendum would have a negative effect on capital spending, hiring and turnover over the coming year.

"Business services growth had softened further, partly reflecting weakness in commercial property investment and corporate transactions," the BoE's monthly report from its network of agents said.

"Consumer spending growth had also slowed, although that appeared to have partly reflected the effects of unusually wet weather," it added.

The report was based on meetings between the BoE's regional agents and business contacts between late June and late July.

REUTERS