Legal & General has brushed off the effect of the Brexit vote, Tory leadership nominations close at noon, Mark Carney speaks at 4pm. FT Opening Quote, with commentary by City Editor Jonathan Guthrie, is your early Square Mile briefing. You can sign up for the full newsletter here. Consumer confidence has slumped since the Brexit vote, according to a YouGov/CEBR poll. This suggests optimism has dropped to its lowest level since May 2013. Retail spending is likely to ebb, hurting shopkeepers. Mark Carney is giving a speech later today. It will be interesting to see whether he puts a brave face on the referendum result, having previously suggested a Brexit vote could trigger a recession. Bosses of quoted business who backed Remain may also have to reverse away from the alarmism that was the worst feature of that campaign. Legal & General kept its nose out of the debate and says disruption to its retirement division was “minimal”. Bulk annuity sales by the business were £3.6bn in the first half, compared with £2.4bn in the whole of 2015. Lifetime mortgage sales exceeded individual annuity sales 3i has received a series of approaches for its stake in Benelux-based discount retailer Action. The quoted private equity group says it has no plans to sell its investment or float the business.
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Legal & General has brushed off the effect of the Brexit vote, Tory leadership...