London — Four-fifths of UK companies have cut or withheld investment because of the uncertainty caused by Brexit, Britain’s biggest business lobby said. About 58% of businesses have made plans to cut jobs, adjust supply chains, relocate production and services or stockpile products if no clarity emerges soon on Britain’s future relationship with the European Union after Brexit, according to the Confederation of British Industry. In a survey of 236 companies, it found that 41% have already implemented some contingency plans. As time ticks down to Britain’s March departure from the world’s biggest trading bloc, talks remain deadlocked in Brussels. That has weighed on corporate confidence in the British economy, with companies clamoring to find out what the future trading conditions with the EU will be, so they can make adjustments to their operations. Absent progress, they are preparing for a worst-case scenario of Britain tumbling out of the bloc without a deal. “As long as ‘no deal’...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now