Confederation of British Industry (CBI) comments on their survey for the three months to May
- Business and professional services companies reported the biggest fall in the volume of work since August 2012
- were "extremely negative" about the outlook for the year ahead
- firms expected to cut investment in land and businesses at the fastest pace since 2010
- CBI said the volume of work also declined in the consumer services industry, albeit at a slower pace than in the business and professional sector
- "Brexit paralysis continues to take a toll on the UK's services firms. Profits, optimism and investment spending are falling sharply amidst a torrid operating environment," CBI economist Anna Leach.
Adds the Reuters report on a brighter note:
- CBI said services companies remained keen to hire staff -- a finding broadly mirrored by a survey published on Wednesday by the Recruitment and Employment Confederation. "The jobs market is robust, but more businesses remain negative about the future than positive," REC chief executive Neil Carberry.
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GBP little changed