Financial researchers from JP Morgan have warned of slower growth in the next two years as a referendum on whether Britain should exit the European Union looks likely.

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Following the Conservative’s shock gains in the general election, and with the party looking likely to secure a majority government, a note from the bank’s property analysts this morning suggested it is revising down its forecasts for 2016 and 2017.

“Conservatives look set to win a surprise majority, EU referendum, possibly before 2017, now a certainty,” the note said.

“Fiscal drag likely higher than we had pencilled in over 2016-2017, hence growth forecast nudged down.”

While the Conservative win has been broadly welcomed by the industry, many major firms, including Savills, CBRE and JLL, had already expressed concerned about a looming EU referendum and its effect on UK business.