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Brexit Worries Cut British Investments to 10-Year Low
British companies plan to cut their investments in domestic operations by 1.3% this year before expanding only 0.4% in 2020 over concern about U.K.’s departure from the European Union.
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British companies plan to cut their investments in domestic operations by 1.3% this year before expanding only 0.4% in 2020 over concern about U.K.’s departure from the European Union.
The delayed Brexit is now scheduled to occur on Oct. 31. But a poll by the British Chambers of Commerce says businesses continue to spend on stockpiling and other contingency plans rather than investing in long-term expansion.
Such spending will contribute to 1.3% growth in overall economic activity for the U.K. this year, BCC predicts. But it forecasts the pace will slow to 1% next year and 1.2% in 2021.
“This is simply not sustainable,” declares BCC Director General Adam Marshall. He says British companies want the next prime minister, who will be selected in July, to “find a sensible and pragmatic way forward” to avoid further economic disruptions.
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