While Brexit has been the cause of multiple political crises since the 2016 referendum, its impact economically has been harder to discern given the UK’s departure from the European Union has yet to take place.
But with the intended exit date of March 29 now looming ever closer into view and Prime Minister Theresa May still seemingly unlikely to win Parliamentary support for her Withdrawal Agreement, the uncertainty now appears to be having a tangible impact.
New research shows Britain’s powerhouse services sector saw business activity rise at one of the slowest rates for two-and-a-half years in December, while job creation also ground to a near halt as Brexit uncertainty weighed on firms’s hiring decisions.
House price growth has also slowed sharply to its weakest level in almost six years, with house prices down by 0.7 per cent month-on-month in December.
It is yet to be seen whether these statistics are indicators of short-term issues or point to a wider economic malaise.
The vote to leave the EU and set the country on a new course will ultimately be measured for its impact on the nation in future years and generations. But that does not make the immediate consequences on jobs and household finances any less real.
With much depending on the outcome of Parliamentary deliberations on how the UK proceeds with the Brexit process - and little sign that the key players are ready and willing to change their entrenched positions, it seems likely that economic turbulence will be a key feature of the first few months of 2019 at the very least.