LONDON - British companies look set to cut investment by the most in 10 years in 2019 because of Brexit, even if Prime Minister Theresa May gets a deal to ease the country out of the bloc, an employers group said on Monday.
Weak investment by companies drags on productivity which puts a brake on wage rises and weighs on the overall economy. Many financial firms have set up operations in other EU countries and carmakers have reduced their expansion plans in Britain. BMW said this month it could move some output in the event of a no-deal Brexit.
But the BCC said that the diversion of resources to prepare for the risk of a no-deal Brexit and the high up-front costs of doing business in Britain, as well as questions over Britain’s future ties to the EU, would limit any quick investment rebound. That would be the economy’s weakest growth in a decade, reflecting a slowdown in the global economy as well as Brexit.It said its forecasts assumed that Britain would avoid a disorderly exit from the EU.
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