Builders in a ditch amid post-Brexit vote gloom

Britain's builders have “hit a roadblock” after the construction industry suffered its weakest month since the Brexit referendum, experts warned on Monday.

The latest blow for the economy, which the Chartered Institute of Procurement & Supply put down to spending cuts and uncertainty after the vote — came as more belligerence from rogue state North Korea cast a shadow over global markets.

The surprise August weakness showed the building industry barely in growth territory with Cips’ activity index at 51.1 — the weakest for 12 months and barely above the 50 no change mark.

The industry body blamed stagnant civil engineering work and the biggest tumble in commercial building work since July last year.

Cips director Duncan Brock said: “The sector hit a roadblock this month as purchasing activity slowed for the third month and new business wins were hard to come by. Reduced Government spending, economic uncertainty and Brexit-delayed decision-making among clients were largely to blame.”

Investors were today seeking safe havens after Pyongyang’s most powerful nuclear test to date and reports that it was preparing a new ballistic missile launch despite warnings of “annihilation” from the US.

Asian markets were down almost 1% after the test while the price of gold hit an 11-month high.