BCC survey results released overnight.
Business investment forecast to drop 1.3% y/y in 2019
+0.4% in 2020
On GDP:
- 2019 1.3% (BCC citing a lift in stockpiling by companies before the (original) Brexit deadline in March
- 2020 1.0%
- 1.2% in 2021
BCC Director General Adam Marshall
- "Businesses are putting resources into contingency plans, such as stockpiling, rather than investing in ventures that would positively contribute to long-term economic growth
- This is simply not sustainable. Business communities expect the next prime minister to quickly find a sensible and pragmatic way forward to avoid a messy and disorderly Brexit."
---
GBP had a big drop overnight (pretty much the entire US session) to lows for 2019.
