Law and business news round-up: EU referendum special – part two
updated on 30 June 2016
Much like last week’s round-up, there is only thing on the business pages and that is the effect that the referendum result is having on the pound, markets, deals, consumer spending and so much more. It is a fast-moving situation so again, if you want to keep up with the latest, the Guardian’s live business blog is the place to do it. Here are just some of the hundreds of stories that focus on this economically and politically seismic news (NB none of it is very cheerful):
- The day after the vote, shares and the pound plunged to record lows, with the pound at its lowest level since the mid-1980s and having undergone the biggest ever single drop.
- On Monday the UK lost its triple A credit rating, as decided by Standard & Poor’s, in light of the “economic, fiscal and constitutional risks the country now faces”.
- The business secretary, Sajid Javid, called a “don’t panic” meeting for business leaders reeling from the decision.
- Consumers are said to be pulling out of house purchases and other large-scale spending, as the panic in the financial markets trickles down to everyday spending.
- Beleaguered Tata Steel is fearful that the planned purchase of its business is under threat, due to the uncertain position the country finds itself in.
- A decision on the planned airport expansion of either Heathrow or Gatwick has been put on hold by the government, much to the annoyance of the British Chambers of Commerce and manufacturing trade body EEF, which claim that the government is failing to show the rest of the world that “Britain is open for business”.
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