Press release

BSA comments on the first Bank of England Agents' report following Referendum result

21 July 2016

This week, the Bank of England reported on the health of the UK's finance for the first time since the vote to leave the European Union.

The latest Agents' Summary of Business Conditions stated that ‘as yet there is no sign of a sharp general slowing in activity’. Furthermore, the report noted that many companies are adopting a "business as usual" approach, choosing not to cut back on investment or new employment.

There were reports of a dip in housing market sentiment in the days immediately following the Referendum, but transactions have so far been more resilient than some had expected, the report revealed.

Chancellor of the Exchequer, Phillip Hammond, said the findings provide:  "Proof that the fundamentals of the British economy are strong.

"As the economy adjusts to the effect of the Referendum decision, it is doing so from a position of economic strength.”

The BSA echo the Bank of England's "business as usual" standpoint. Recent conversation amongst BSA members suggests that mortgage demand is broadly on track.

Building societies have a resilient history of lending through times of change, and will continue to do so. We can be confident that this will continue through any uncertainty that may come as a result of our renegotiation with the EU.


The BSA Team

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