Standard & Poor’s, the ratings agency, has warned that the bounce in economic performance in August may be a ‘mirage’ as uncertainty around Brexit leads to firms delaying investment and hiring. S&P warned that the rebound in August only recovered what was lost in July and that the long-term outlook for the UK economy remained cloudy. S&P claimed that the cut in interest rates may have caused a reaction that boosted the economy in the short term. The S&P noted that with many sectors cancelling losses in July with gains in August, the UK gave the picture of a “broadly stagnating” economy.

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