Engulfed by Doubt, Top UK Firms Shelve Spending Plans After EU Vote – Deloitte

Britain’s biggest companies are beset by doubts about the future after last month’s vote to leave the European Union and have slashed their investment plans, according to a survey on Monday that bodes poorly for the economy.

Some 82 percent of chief financial officers from FTSE 350 and large private companies expect to cut capital spending in the next year, the biggest proportion on record and up from 34 percent in the first quarter, accountancy firm Deloitte said.

Its survey is one of the first clear signs the vote to leave the EU has battered business confidence, and corroborates the Bank of England’s view that the economy is set to weaken soon.

Reuters

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