No company is immune from the Brexit fall-out effects

York-based housebuilder Persimmon, Yorkshire’s biggest PLC, has been the worst hit with its shares tumbling 39 per cent since June 23 as the prospect of Brexit triggers uncertainty over housing demand.

Bradford-based supermarket chain Morrisons has been boosted by the prospect of lower import prices (we import 40 per cent of our food) caused by the slump in sterling, but it has still lost 9 per cent of its value since June 23.

Yorkshire’s third FTSE 100 member, Bradford-based credit lender Provident Financial, has seen its shares slump 23 per cent since the referendum.

The FTSE 250 mid tier, a better reflection of Yorkshire PLC as it lacks international exposure, has fared even worse with landscaping products firm Elland-based Marshalls tumbling 36 per cent and Sheffield-based insulation giant SIG down 29 per cent.

So has the doom and gloom been overdone? Persimmon has said it is in a good position to outperform in the future.

The firm said it is too soon to judge the effect the vote will have on the UK new homes market, but “we believe that market fundamentals remain strong, supported by long term unfulfilled demand... and our focus on building traditional family housing in attractive locations for all purchasers from first-time buyers to home movers will continue to attract customers in good numbers.”

Marshalls said: “Notwith-standing the potential for uncertainty following the result of the EU Referendum, the underlying indicators remain positive.”

Urban regeneration housebuilder MJ Gleeson said: “The EU referendum has not affected our core customer base for whom the decision to become home owners is not influenced significantly by market or media sentiment.”

Meanwhile, exporters such as Cranswick and Gear4Music are set to benefit greatly from the fall in sterling. York-based musical instruments retailer Gear4Music reported a 191 per cent increase in European like-for-like sales in the first full week following the vote, boosted by the fall in sterling.

Yet Gear4Music’s shares have fallen 7 per cent since the referendum – even companies that are benefiting from the fall in sterling are losing out as the market takes stock of the grim future ahead of us.

Over the past few years, upmarket sausage to bacon producer Cranswick has managed to steadily expand its exports.

Cranswick’s sales to other countries rose by an impressive 17 per cent last year. Yet the Hull-based company’s shares have lost 4 per cent of their value since the June 23 Brexit vote.

It appears that no-one is immune – even if they stand to benefit from Brexit. Yorkshire PLCs’ bullish statements are falling on deaf ears.

In the meantime, economists believe things could get a lot worse in terms of jobs, inflation, workers’ pay and income tax rises.

Howard Archer, chief economist at IHS Global Insight, said: “Following the vote to leave the EU, there is a very real likelihood that consumers will face a weaker jobs market and less favourable purchasing power. It is probable purchasing power will be squeezed by inflation being pushed up markedly by a sharp fall in sterling.

“Additionally, companies may well look to clamp down on workers’ pay as they strive to save costs in a more difficult environment and as imported input prices are lifted by the weakened pound.”

George Bull, senior tax partner at RSM, added: With so much uncertainty following the Brexit vote, we call on the Chancellor to provide a more complete roadmap for future tax changes, emphasising not only putative tax cuts but also any compensating tax increases which may be necessary.”

Yorkshire, where 58 per cent backed Leave, could be in for a nasty shock.