MOSCOW (Sputnik) — The United Kingdom's service sector growth has reached a record low level within 38 months amid uncertainty related to the Brexit referendum in the country, according to a news release published by Markit/Chartered Institute of Procurement & Supply (CIPS) on Tuesday.
"Growth of UK service sector activity weakened in June to match the 38-month low recorded in April… Companies often reported that uncertainty linked to the EU referendum had weighed on workloads and incoming new business," the news release reads.
On June 23, the United Kingdom held a referendum to determine whether or not the country should leave the European Union. According to the final results, 51.9 percent of voters, or 17.4 million people, decided to support Brexit, while about 16.1 million opposed it.
The referendum outcome has already caused turbulence in the UK economy. The Fitch Ratings and Standard & Poor's agencies downgraded the country's long-term financial risk rating to AA with a negative outlook, while the UK pound has plunged to the lowest level against the dollar since 1985.