British factory orders fall at the fastest pace in three years ahead of Brexit
London — British factory orders fell at the fastest pace in three years, and the lack of clarity about how the country will leave the European Union has made manufacturers their least upbeat since the Brexit referendum in 2016, a survey showed on Tuesday. With barely five months to go until Brexit, factories scaled back investment plans in the August-October period and expected growth to stall in the coming three months, the Confederation of British Industry (CBI) said. Britain’s economy slowed after the Brexit vote but has held up better than most economists expected at the time of the vote. However, much of the growth has come from spending by consumers. Companies have been more cautious about investment given the risk of barriers to trade with the EU after March. Samuel Tombs, an economist with Pantheon Macroeconomics, noted the CBI survey was conducted before last week’s EU summit, at which British Prime Minister Theresa May failed to achieve a breakthrough in negotiations. “As ...
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