British business confidence falls sharply

Dhaka,  Sat,  22 July 2017
Published : 12 Jun 2017, 14:12:49
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British business confidence dips after election

British business confidence falls sharply
British business confidence has fallen sharply since last Thursday's inconclusive election that left Prime Minister Theresa May weakened ahead of Brexit talks, according to a survey published on Monday.

The survey by the Institute of Directors of nearly 700 members of the business group also exposed deep concern over the political uncertainty and its impact on Britain's economy.

May failed to win a parliamentary majority in the election. Her hopes of forming a government now lie with winning support from Northern Ireland's Democratic Unionist Party, which won 10 seats in the election.

The IoD found a negative swing of 34 points in confidence in the UK economy from its last survey in May.

While 20 per cent of members were optimistic about the economy over the next 12 months, some 57 percent were either quite or very pessimistic - a -37 "net confidence" score. That compares with a -3 per cent score in May.

The IoD survey said its members saw no clear way to quickly resolve the political situation, feeling that a further election this year would have a negative impact on the economy.

They are keen to see quick agreement with the European Union on transitional arrangements for the UK’s withdrawal from the bloc, and clarity on the status of EU workers in Britain.

Earlier on Monday, figures from credit card firm Visa showed British consumers turned more cautious even before the shock election result. 

The data found households cut their spending for the first time in nearly four years last month, reports Reuters.
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