Indicators of UK Economic Health ‘weakened’.
The British Chambers of Commerce (BCC) has completed a survey suggesting the key indicators of UK economic health ‘weakened considerably’ in the first quarter of 2019.
The survey concluded that service sector exports hadn’t grown, classing it at its ‘weakest level’ since 2009.
It also concluded that manufacturing businesses reported sales growth ‘fell to its 2016 level’. Brexit and the continuing doubts around the UK’s withdrawal from Europe was deemed to be ‘weighing on investment intentions’ for both sectors.
The BCC called for the government to reduce the burdens on businesses, currently facing a raft of increasing costs and considerations. Making Tax Digital, Business Rates and employer pensions contributions were all listed as ‘raising cost pressures’ for UK firms.
Director General of the BCC, Dr Adam Marshall, commented: ‘Our findings should serve as a clear warning that the ongoing impasse at Westminster is contributing to a sharp slowdown in the real economy across the UK. Business is hitting the brakes – hard.’
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