The value of private company acquisitions fell by two-thirds in the year to July, as banks stopped financing takeovers and managers held back from launching buy-outs because of economic uncertainty, according to a new report.

“Before this hiatus there was always a belief that owning your own business was a good thing to do, but now that is not clear, because of the uncertainty,” said Chris Lowry, partner at accountants UHY Hacker Young, author of the report.