Advertisements

UK FIRMS HIT THE BRAKES AS BREXIT AND BAD WEATHER WEIGH – CBI

Britain’s private sector has had its worst three months in nearly seven years as the Brexit impasse and poor weather hit economic growth, the Confederation of British Industry said on Sunday.

After a surge earlier this year, caused by companies stockpiling ahead of the original March 29 Brexit deadline, private sector activity in the three months to June contracted at the quickest pace since September 2012.

The balance of firms reporting growth sank to -13%, according to the CBI’s monthly Growth Indicator.

Rain Newton-Smith, the CBI’s chief economist, blamed the weakness on the after-effects of the stockpiling rush, Brexit-related shutdowns in Britain’s car industry and bad weather.

Advertisements

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Powered by WordPress.com.

Up ↑

%d bloggers like this:
Skip to toolbar