What Happened Over The Summer?

Economic news tends to attract less media coverage and less public interest over the summer. Understandably, journalists, and their audiences, have holidays on their minds. Yet economics is no respecter of seasons and data and events have continued to pile up.

With the summer holidays drawing to an end here's our two-minute take on what happened in July and August.

Summer kicked off with the massive shock of the UK's Brexit vote on 23rd June. Ten weeks on the UK looks in rather better shape than some had feared.

Brexit has not, so far, been a systemic shock. Its economic effects seem localised and there are few signs of contagion from the UK to the rest of the world. The indicators of financial stress which were flashing red in 2008-09 following Lehman's failure, or in 2010-11 at the time of the euro crisis, are at low levels.