This Update covers intelligence gathered from business contacts between late March 2016 and late April 2016. This report generally makes comparisons with activity and prices over the past three months on a year earlier. It represents the aggregate view offered from business contacts across the whole of the United Kingdom.
- Annual output growth had eased slightly on the month, in part reflecting the effects of increased uncertainty on business services activity. There was some evidence of businesses delaying investment expenditure decisions on account of the uncertainty around the outcome of the EU referendum.
- The pattern of housing market activity had been affected by the bringing forward of buy-to-let transactions ahead of the introduction of the rise in stamp duty on additional properties in April. Commercial real estate investment transactions had slowed markedly on a year ago in London.
- Labour cost growth had edged higher, following the introduction of the National Living Wage. Price inflation had remained negative for goods and modestly positive for services.