A survey of more than 1,000 companies found that uncertainty about the UK’s future in the single market and the falling value of sterling were driving down investment

British businesses have abandoned investment plans worth more than £65 billion since the vote to leave the European Union five months ago.

A survey of more than 1,000 companies found that uncertainty about the UK’s future in the single market and the falling value of sterling were driving down investment.

Nearly half of large companies surveyed by the Centre for Economic and Business Research had cancelled investment plans since July, with medium-sized businesses most sensitive to the outcome of the referendum. More than one in five cited uncertainty over the UK’s membership of the single market for delaying investment. A similar number cited the falling pound.

A separate report into the outlook for the labour market found that wages were likely to fall in real