UK business sentiment has tanked in the wake of Brexit

This is bad news for Irish exporters...

A new survey of business leaders in the UK says that business sentiment has taken a dramatic hit since the British public voted to leave the EU.

Credit Suisse says that business sentiment has "deteriorated out of all recognition," since last month's vote.

For the first time since 2013 more businesses plan to cut spending, than those who plan to spend more.

The study found that many firms have already cut spending - while other have put future plans on ice until they get a clearer picture of what the country's post-Brexit relationship with the EU will look like. Two thirds of companies have delayed spending plans.

Half of the firms surveyed said they will delay plans to hire new staff - while a quarter are considering letting workers go.

In its analysis of the data, Credit Suisse notes that, "while there may be a little emotion in this reading amidst a very fluid political situation, the UK readings did have negative momentum well before 23rd June."

The financial services company commented that given the size of the immediate effect of the referendum result on these companies, it expects stimulation measures from the Bank of England that will be larger than current market expectations.