British companies could cut their investment plans by most in 10 years in 2019, courtesy of Brexit, even if UK’s PM Theresa May secures a deal to ease out of the European Union (EU), British Chamber of Commerce (BCC) said on Monday.
Economic forecasts
BCC lowered its 2019 GDP forecast for the UK’s economy to 1.2 percent from the previous estimate of 1.3 percent.
Business investment is seen falling by an annual 1.0 percent in 2019 but is still expected to grow by 0.6 percent in 2020 and 1.1 percent in 2021.
Key quotes by BCC’s director general, Adam Marshall
Political inaction has already had economic consequences, with many firms hitting the brakes on investment and recruitment decisions.
Some companies have moved investment and growth plans as part of their contingency preparations and some of that may never come back to the UK.
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