CBI Cuts Growth Forecast, Wage and Retail Outlook Soft

The Confederation of British Industry cut its economic growth forecasts, citing the approach of the European Union referendum, and retailers and pay experts also pointed to a subdued outlook in other reports published on Monday.

The CBI, which has stressed the economic benefits of staying in the EU, said worries about the outcome of the June 23 vote were adding to a broader economic slowdown.

“A dark cloud of uncertainty is looming over global growth, particularly around weakening emerging markets and the outcome of the EU referendum, which is chilling some firms’ plans to invest,” CBI director-general Carolyn Fairbairn said.

Reuters

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam