S&P: post-Brexit could be longer for UK economy

Standard & Poor's warned Britain to keep their feet on the ground after the recent positive data on the economy across the Channel because the recovery could be short-lived after the Brexit.

"All the celebrations about the economic rebound in August and that in the end life is back to 'business as usual' could turn out to be just a mirage in the long term," the ratings agency said, as reported by the Financial Times online.

"Although the news on the latest data is encouraging, we believe it will have no impact on the nebula long-term prospects of the UK economy," said Sophie Tahiri, an economist at S & P Global Ratings. "The uncertainty surrounding the future of Britain out of the EU and economic risks that are associated, and which we believe are pronounced and mainly downward, will be felt gradually, particularly on investment with companies that begin to come to terms with the new reality of Brexit, " said the economist.

And in another new report out today, the Lloyds regional purchasing managers index found that business activity in every region of the UK except Scotland returned to growth last month.