The chances of Britain’s economy picking up steam diminished further on Monday as surveys showed major companies have curtailed their investment plans and that consumers spent less on their credit cards.
The reports added to a string of lacklustre economic data that has raised questions about the chances of the Bank of England raising interest rates this year.
Accountancy firm Deloitte said business optimism at large British companies fell sharply in the second quarter, dampened by the inconclusive outcome of last month’s national election.
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