UK's brand leaders suffer a buffeting in wake of Brexit
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 $36.8bn (£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.
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.
Brand Finance chief executive David Haigh said: "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."