Brexit Bulletin: Services Feel the Pain

A report issued today by the Confederation of British Industry found optimism among professional service companies such as law firms fell at the fastest pace in almost five years while consumer companies such as restaurants reported the sharpest decline in sentiment since February 2009.

Still, employment growth remained above average, the CBI said. Its chief, Carolyn Fairburn, told the Financial Times today that the government should take banks “off the naughty step” by scrapping a levy on their profits to ensure they don’t flee London.

Meantime, job seekers are starting to see the impact of Brexit with salaries under pressure and companies advertising more contract positions.


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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