Home Business News Pound falls on weaker business investment

Pound falls on weaker business investment

by Purvai Dua
28th Sep 18 12:47 pm

Pound fell to an 11-day low today after data showed that British companies had cut their investment in the second quarter of 2018 and the economy grew slightly slower than previously thought. 

Sterling is now down 0.31 per cent against the dollar at $1.3038 after data from the Office for National Statistics (ONS) reduced annual GDP growth to 1.3 per cent and said business investment had dropped.

Mark Gregory, chief economist at accountancy firm EY, told the BBC: “Investment is being tightly controlled with spend directed to keeping things going but not to expansion. UK is going to lose out on future growth.”

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