The second half is off to a “pretty bleak” start, with Brexit and fears about the US presidential election putting another nail in the coffin of an already lifeless year.

The heightened uncertainty from the UK referendum and forthcoming US vote has dealt another blow to confidence already rattled this year by the Chinese stock market rout, commodity price volatility and macroeconomic concerns in Europe. As activity in many business lines slumps, analysts are searching further and further back for the last year things were this bad - and few in the City harbour any hope of respite.