British Chambers of Commerce quarterly survey of businesses (via Reuters report)
- Economic activity subdued in the three months to the end of June
- "For many businesses growth is static at best, and at worst, beginning to slow," BCC director-general Adam Marshall said. "The subdued growth picture underlines the importance of getting as much clarity on the Brexit transition as possible, as quickly as possible over the coming months"
- Despite the gloomy outlook, some measures in the BCC's survey were robust.
- Manufacturers reported the fastest export growth in three years, while the services sector enjoyed the biggest increase in foreign sales in more than a year.
- The two sectors were more upbeat about the outlook for total sales over the next 12 months than at any time since last year's vote to leave the EU.
- However, the BCC said services businesses that relied on British consumers suffered from inflation, which is its highest in nearly four years.
- Overall, services businesses' domestic sales slipped, as did investment and hiring intentions.
- Services companies' Q2 domestic sales +19 vs Q1 +22; Q2 export sales +13 vs Q1 +10, highest since Q1 2016
- Manufacturers' Q2 domestic sales +20 vs Q1 +20; q2 export sales +27 vs q1 +26, highest since Q2 2014
- Services Q2 confidence +46 vs q1 +44; manufacturers Q2 +40 vs Q1 +39, highest since Q2 2015
