British businesses are expanding at the slowest pace since the economy was in recession last year, as some companies put big decisions on hold until after the country’s July 4 election, a survey showed on Friday.
“The slowdown in part reflects uncertainty around the business environment in the lead up to the general election, with many firms seeing a hiatus in decision making,” said Chris Williamson, chief business economist at S&P Global. Norwegian energy giant Equinor has suspended efforts to sell a stake in the giant Rosebank oil development in the North Sea due to political uncertainty.
Official retail sales data for May, released earlier on Friday, showed a strong rebound after heavy rain caused a slump in April, while separate figures showed consumer confidence rose to its highest since November 2021.