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British economy hits the brakes

Apr 02nd, 2019

Sky news is reporting here today that "growth in the British economy has nearly ground to a halt due to Brexit anxiety and a slowdown in global growth".

The article comes from research conducted by the British Chambers of Commerce (BCC) whose survey over the first three months of this year of over 7,000 businesses (employing around one million people) indicates deterioration in many gauges of the UK’s economic strength.

The survey shows fewer manufacturers reporting an increase in sales, while the services sector saw no growth in exports - its weakest level since 2009.

Dr Adam Marshall, director general of the British Chambers of Commerce, warned that businesses were "hitting the brakes" due to the ongoing political deadlock. He said: "For too long Brexit tunnel-vision has distracted government from fixing the fundamentals to support growth here in the UK."

The business group cited new regulation, including compliance with new tax rules, rises in business rates and changes to employers' pension contributions as factors affecting growth for UK companies.

Further details of the quarterly economic survey are shown here on the BCC website, where readers are also invited to share opinions using links to the BCC's social media pages.

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