The majority of the UK’s biggest brands have lost value over the past year under the weight of the EU referendum, according to an annual ranking.
Shell retained its position as the most valuable brand in the UK, rising by 16% to $36.8 billion (£28.5bn) as it benefited from a surge in oil prices, in the latest Brand Finance UK 150 report.
Vodafone and HSBC were second and third respectively, despite a “very difficult” year that saw them losing 22% and 14% respectively, the figures show.
Oil and gas, telecoms and banking accounted for eight of the top 10 most valuable brands in the UK.
Accounting and professional services firm EY came top of the list of the most powerful UK brands, beating ITV and Lynx.
Unilever had a particularly positive year with eight brands in the UK 150, led by Dove whose brand value rose by 17% to $4.8bn (£3.7bn).
However 88 of the 150 most valuable brands decreased in value over the year, with the falls in sterling making them vulnerable to takeovers, the report said.
The UK 150 ranks brands by monetary value and also calculates the most powerful brands. Brand Finance considered marketing investment, familiarity, loyalty, staff satisfaction and corporate reputation to determine the “strength”of a brand.
“While the impact of Brexit on the broader economy has not lived up to the doomsday scenarios espoused by remainers with the domestic performance of brands holding strong, on an international scale the majority of Britain’s biggest brands have clearly suffered,” said Brand Finance CEO David Haigh.