BCC: UK services growth slumps to two-year low - Reuters

Joshua Gibson FXStreet

As reported by Reuters, the British Chambers of Commerce (BCC) noted Thursday that services growth in the UK hit its lowest level in two years during 2018's final quarter as the BCC pins the UK's struggling economy on 'Brexit stasis" that hangs over the kingdom.

Key quotes

Many retailers had reported difficulties in the run-up to Christmas, but Thursday’s findings — from Britain’s largest private-sector economic survey — point to a broader slowdown among businesses that rely on consumer spending.

Manufacturers also reported weaker sales growth, and orders slowed across the board befoe Britain’s planned departure from the European Union on March 29.

“The UK economy is in stasis,” BCC director general Adam Marshall said. “With little clarity on the trading conditions they’ll face in just two months’ time, companies are understandably holding back on spending and making big decisions about their futures.”

Despite Brexit worries, most businesses in the BCC survey said they were finding it hard to recruit staff. The BCC again urged the government to limit the scale of likely post-Brexit restrictions on immigration, after a public body advised politicians last month to bar most foreign workers earning under 30,000 pounds ($38,000) a year.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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