Brexit Bites into UK Firms’ Hiring and Capex Plans

British businesses continue to be plagued by fears of what shape the U.K. economy will take after it has quit the European Union, according to two polls released Monday, which confirm uncertainty is still hampering activity and sentiment.

A survey from the British Chamber of Commerce (BCC) which aggregates the view of over 7,000 companies, mostly via email and an online platform, indicated that those surveyed had reduced their expectations for hiring, turnover, and investment in plants, machinery and training.

Although the results were more negative than in the months running up to the referendum, they did show an overall uptick from responses collected in the immediate wake of the vote, suggesting U.K. data in recent months showing a surprisingly resilient domestic consumer and a recovering construction sector had helped a partial recovery of sentiment.

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.