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Bloomberg
Investment intentions among UK firms slumped to the lowest in eight years, just one of the measures of economic health that weakened “considerably†amid recent Brexit turmoil, according to the British Chambers of Commerce (BCC).
The balance of services businesses reporting an increase in export sales stood at zero in the first quarter, its weakest level since 2009, the BCC said. At the same time, more said that orders had decreased than increased for the first time in eight years. Manufacturers also described a tough start to the year.
The business lobby’s survey of over 7,000
companies, employing around one million people, showed confidence dropped sharply in a period that saw Britain’s politicians mired in bitter dispute over how best to take the UK out of EU.
“UK growth nearly ground to a halt in the first quarter of 2019, with increasing anxiety over Brexit and weakening global economic conditions driving a significant deterioration,†said Suren Thiru, head of economics at the BCC.