They said there would be bumps in the road…….

Bank spells out chance of further rate cut this year.

The Bank of England deputy governor, Ben Broadbent, has told the BBC's Today programme there could be a further interest rate cut this year if needed. His comments highlight the Bank of England's signal on Thursday that rates could go lower if the economy worsens. On Thursday, the Bank cut interest rates from 0.5% to 0.25% - a record low and the first cut since 2009. Asked if there was a real prospect of another cut in rates this year, Mr Broadbent replied: "Absolutely." He told Today the Bank had acted after a series of surveys since the referendum on most aspects of the economy, including employment, the housing market and business confidence, which had turned down markedly. He said that in the past, these had been reliable indicators of subsequent releases of official data.

Renault-Nissan 'reasonably optimistic' over Brexit.

The chief executive of Renault-Nissan has told the BBC he is "reasonably optimistic" that the UK will be an important partner with the European Union, despite its vote to leave. Carlos Ghosn said Nissan is not ready to make decisions on plans for its Sunderland plant, which employs 6,700. Investment there depends on the outcome of UK-EU talks on Brexit, he said. In November, Mr Ghosn warned Nissan would reconsider investment in the UK if Britain voted to leave the EU. "We are reasonably optimistic at the end of the day, common sense will prevail from both sides," Mr Ghosn said. The Nissan boss thinks that the UK will continue to be a "big partner" for the European Union, but he said: "The question is what will happen to customs, trade and circulation of products. That will determine how, and how much we will invest in the UK," he said. Mr Ghosn described Nissan's Sunderland plant as a "European plant based in the UK", as most of its production is exported to Europe. The plant made 500,000 cars last year, making it the biggest car plant in the UK, according to Nissan.

UK house price growth shows signs of slowing, says Halifax.

House prices in the UK fell by 1% in July compared with the previous month but were still 8.4% higher than a year ago, the Halifax has said. The lender said that there were signs that house price growth was slowing. However, it said that it was still too early to determine whether the UK's decision to leave the EU had already had an impact on the housing market. On Thursday, the Bank of England cut interest rates and also suggested that house prices could fall. The Bank reduced its base rate to an historic low of 0.25% from 0.5%, which will take an estimated £22 off the monthly mortgage bill of those with tracker deals.

UK tourism boosted by fall in pound.

Flight bookings to the UK jumped since June, driven by the sharp fall in the pound following the vote to leave the European Union. Overall, there were 4.3% more flights booked to the UK in the 28 days following the vote than last year. Bookings from Hong Kong leapt by 30.1%, while they were up by 9.2% from the US and 5% from Europe. Travel researcher ForwardKeys said Brexit had had an "immediate, positive impact" on tourism to the UK. The organisation, which analyses 14 million reservation transactions a day to monitor future travel patterns, said: "The most favourable exchange rate in decades is probably the major driver for the uptake in bookings to Britain." While the pound has fallen about 13% against the dollar since its peak on 23 June, the day of the referendum, it has also fallen about 10% against the euro. A lower pound cuts the cost of a holiday for foreign visitors to the UK.

UK industrial output grows strongly.

UK industrial output grew at the fastest rate for 17 years in the April-to-June quarter, official figures show. Industrial output grew 2.1% compared with the first quarter of the year, the Office for National Statistics said. Despite the quarterly figures there were signs that growth on a monthly basis was slowing during the three-month period. But the ONS said "very few" respondents had been affected by the uncertainty from the EU referendum vote on 23 June. The production figures reflect the latest official growth figures for the whole economy which show strong GDP growth in April, followed by a sharp easing off in May and June. Meanwhile in a separate report the ONS said the deficit on trade in goods and services was £5.1bn in June, compared with a £4.2bn the month before. The UK exported £12bn worth of goods and services to the European Union in June, an increase of £500m compared with May.

Ministry of Defence 'facing extra £700m costs post Brexit'.

The Ministry of Defence is facing extra costs of up to £700m a year following the UK's Brexit vote, experts warn. The Royal United Services Institute (RUSI) says this is due to the fall in sterling where military equipment purchases have been made in US dollars. After the referendum, the pound fell to its lowest level against the dollar in more than 30 years, making imports from the US more expensive. The MoD said real terms spending on defence was rising year on year. Prof Trevor Taylor, from the RUSI think tank, told BBC Radio 4's The World at One that the extra costs could lead to a "budget black hole", presenting a serious problem for the UK's defence stance. Sterling has been steadily falling in value as the referendum result and the Bank of England's efforts to shore up the economy have pushed investors into selling the pound. The former head of the British Navy and Labour peer Lord West described the issue as a "perfect storm" for the MoD.

[Still, of course, very mixed economic results from the Brexit Vote back in June – has it been THAT long already? But, as I keep going on to anyone who will listen to me, we haven’t left yet, we haven’t even started the leaving process yet, so it’s hardly that surprising that nothing too bad has happened yet. Also economies are a bit like oil tankers – it takes them a while to react to anything unless it’s really, really big like a full blown economic crash. Even the events of 2008 took months to start regularly hitting the headlines. We’re still in the period where lots of backroom talks are taking place and much planning is being formulated. You don’t simply switch from one economic reality to another overnight. Things this momentous take time.]

All details above from BBC News website.