According to the British Chambers of Commerce’s (BCC) survey of 6,600 companies, the UK business activity saw a sharp downturn in the third quarter, especially in manufacturing, in the face of the Brexit crisis and a global slowdown, as cited by Reuters.
Key Findings:
“Domestic manufacturing sales fell at the fastest pace since late 2011. Growth in the much larger services sector also slowed.
Overall, the survey chimed with other signs of a sharp deterioration in business confidence in Britain as the Oct. 31 Brexit deadline nears with little clarity on how or if the country will leave the European Union.
The BCC survey also pointed to the biggest drop in manufacturing export orders in 10 years.”
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