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Brexit crisis is affecting business investment

17th Jun 19 10:12 am

The British Chamber of Commerce (BCC) has warned on Monday that as the Brexit crisis drags on UK firms are cutting their investment.

Business investment has seen the most cuts in almost 10-years due to the ongoing Brexit saga, and the BCC has forecasted investment will fall by 1.3% this year.

The overall economic growth forecast has nudged up to 1.3% for 2019, this accounts for companies stockpiling ahead of the original 29 March Brexit date, the BCC said.

However, the BCC cut their forecast growth to 1.0% for 2020 down from 1.3% of the original estimate.

Adam Marshal the director general of the BCC said, “Businesses are putting resources into contingency plans, such as stockpiling, rather than investing in ventures that would positively contribute to long-term economic growth.

“This is simply not sustainable. Business communities expect the next prime minister to quickly find a sensible and pragmatic way forward to avoid a messy and disorderly Brexit.”

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