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Brexit Bulletin: Services Feel the Pain

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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.

Bloomberg

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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.
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