Jean-Claude Trichet, the former head of the European Central Bank, recently shared his feelings about Brexit. According to him, Brexit will have a worse economic impact on the UK than the European Union. And he is not the only one with concerns.
British Chambers of Commerce says firms have stopped investing and hiring – all momentum has screeched to an abrupt halt.In their words, growth is “flatlining” and business confidence weakening. The UK economy has slowed and is “stuck in a rut” as uncertainty over Brexit continues.
A new survey discovered that 5,600 businesses shared manufacturing exports have slowed and many services firms have delayed hiring new staff. The BCC says recruitment problems have reached an all-time high. An increasing number of these manufacturers also expect prices to rise (due to the cost of raw materials).
Business investment has also been affected. The growing concerns over future trading conditions has created speed bumps – some might even say brick walls – in both manufacturing and services sectors. The report found that the firms looking to invest in plant, machinery or training in recent months has fallen to its lowest level in more than a year.
Dr Adam Marshall, director general of the BCC, said: “These figures reinforce what we are hearing from businesses up and down the country – the uncertainty over Brexit and the lack of bold moves to boost business at home are starting to bite.”
“It should be a matter of grave concern to Government that sales and orders both at home and abroad are stagnating.”
Marshall went on to say, “We have a vibrant and innovative business community that wants to invest and grow but we are stuck in limbo while Brexit negotiations rumble on.
It is safe to say there are still many questions and concerns about Brexit and its impact on the UK economy. For now, merchants are doing all they can to prepare and still provide the best services to consumers. If you need more information on payment processing services and secure trading, consider the industry updates best payment provider has to offer (e.g. secure trading review).
Author Bio:- Payment industry expert Taylor Cole is a passionate merchant account expert who understands the complicated world of accepting credit and debit cards at your business. His understanding of the industry and secure trading review has helped thousands of business owners save money and time.