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4 in 10 firms say Brexit will hit investment

Pound's fall against the dollar was seen as the only silver lining to last year's vote to leave EU

Reuters 

Brexit
Brexit

Roughly four out of every ten businesses say has hurt their plans for investment, a report from the Confederation of Industry (CBI) showed on Sunday.

Some 42 per cent of businesses said had affected decisions and of that, 98 per cent said the impact had been negative, according to the CBI survey of 357 companies.

The other 58 per cent said last year's vote to leave the had not affected plans.

"It is reassuring that the majority of businesses that responded to our survey do not feel that has changed these vital spending plans," said Rain Newton-Smith, CBI chief economist.

"But we must have our eyes wide open: An overwhelming number of those that did report an impact said it was negative."

Businesses reporting a effect on their plans cited general uncertainty over Britain's future relationship with the as their top worry.

The pound's fall against the dollar was seen as the only silver lining to last year's vote to leave the

Other business surveys have pointed to weakness in plans, which are likely to disappoint some policymakers who think and exports will compensate for a consumer slowdown.

This week a Chambers of Commerce survey showed intentions in the dominant services sector slipping, following a survey of chief financial officers that showed much the same.

The CBI conducted its survey between June 28 and July 3.

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