UK companies cut their investments in Britain in the second quarter of 2018 amid mounting uncertainty over Brexit, marking the fourth consecutive quarter of weak spending by firms, according to government figures.
The Office for National Statistics said spending on projects and assets including transport equipment, machinery, buildings and intellectual property fell by 0.7% over the three months to the end of June to £47.5bn.
Recent barometers of business activity suggest uncertainty around Brexit could be one of the main factors for the reduction, the ONS added.
Concerns are mounting that lower levels of business investment in Britain ahead of its billed departure from the EU in March 2019 could lower the rate of economic growth, while making it harder for the UK to overcome weak levels of productivity growth seen since the financial crisis of a decade ago. [...]
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