Surveys show Brexit uncertainty weighing down UK businesses - Reuters

Joshua Gibson FXStreet

As pointed out by Reuters, survey results from the British Chamber of Commerce and the accounting firm Deloitte show that sentiment amongst UK business firms is continuing to sour amidst a lack of clarity on Brexit.

Key highlights

The BCC survey, taken over 5,600 companies, shows that the share of services companies looking to hire more staff over the next quarter declined to 47% from 60%, the lowest hiring share since early 1993, with 72% of firms reporting difficulties in finding new hires, a record high for the survey. Growth in both sales and new export orders for manufacturing firms also sees its slowest pace since late 2016, with the declines being fueled by businesses unsure of how Brexit will impact the flow of goods.

Meanwhile, the Deloitte survey shows that optimism for business operators is rapidly declining as well, with only 13% of CFOs remaining optimistic for their company's growth prospects, compared to July's 24%, with 79% of survey respondents noting they expect the long-term business environment to worsen thanks to Brexit, the highest share since the initial Brexit referendum.

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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