UK firms slash spending plans after Brexit vote – business live

Discussion in 'Market News' started by Lily, Jul 18, 2016.

  1. Lily

    Lily Forum Member

    Aug 29, 2015
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    All the day’s economic and financial news, including the latest signs that the EU referendum is hurting the UK economy

    8.01am BST

    British firms are slashing their spending plans in the face of uncertainty following last month’s EU referendum vote.

    In a worrying signal, anxiety among UK bosses has hit a five year high, according to accountancy firm Deloitte.

    How Brexit works: 82% of top UK firms shelve spending plans after EU vote - Deloitte

    “Perceptions of uncertainty have soared to levels last associated with the euro crisis five years ago.

    “The spike in uncertainty has had a toxic effect on business sentiment, with optimism dropping to the lowest level since our survey started in 2007 -- lower, even, than in the wake of the failure of Lehman in late 2008.”

    7.46am BST

    Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

    There are three things on the agenda in the City today. Firstly, the Brexit vote, as companies continue to chew through the implications of last month’s EU referendum.

    Following a turbulent weekend, markets are actually quite calm. The weekend’s main highlight was the failed attempt to overthrow the Turkish government in a military coup d’etat and the subsequent mass detentions of military and judiciary personal.

    Related: Recep Tayyip Erdoğan mourns coup casualties – and vows retribution

    Related: ARM Holdings to be sold to Japan's SoftBank for £24bn

    Watch shares of @ARMHoldings at open...#Softbank offers £24b = 45% premium to current £16.7b market cap

    Continue reading...

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