uk-services-growth-drops-to-two-year-low-in-fourth-quarter-in-brexit-8216stasis8217-8211-bcc

UK services growth drops to two-year low in fourth quarter in Brexit ‘stasis’ – BCC

LONDON (Reuters) – Businesses in Britain’s dominant services sector reported the slowest sales growth in two years during the final three months of 2018, another sign of a slowing economy ahead of Brexit, the British Chambers of Commerce said on Thursday.

A woman places menu’s on tables outside a restaurant on the seafront in Brighton, southern England June 7 , 2011. REUTERS/Cathal McNaughton/File Photo

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.”

The Bank of England estimates overall economic growth slowed to 0.2 percent in the final quarter of 2018 from 0.6 percent in the three months before.

Prime Minister Theresa May is struggling to ove

Read More at reuters.com

 » Read More at reuters.com