More than a month has passed since the UK voted to leave the EU, but we are no nearer knowing what the impact will be for UK businesses. To some extent the markets have calmed, with share prices returning to pre-referendum levels, but considerable uncertainty remains. In recent weeks, the IMF has commented that the referendum result has ‘thrown a spanner in the works’ of its global growth forecasts, while G20 finance leaders observed that it ‘adds to the uncertainty for the global economy’.

Company reports play an important role in explaining how economic and geopolitical uncertainty might impact the business. But boards are grappling with what they say; balancing the disclosures they need to make with the transparency that may be expected of them.