British Business Sees Brexit Effect as Growth Forecasts Cut
- CBI cuts 2016 GDP outlook, says Brexit hitting investment
- Data on Tuesday forecast to show inflation stuck at 0.5%
A worker pours molten metal into casts for the manufacturing of parts of centrifugal pumps at Weir Minerals Europe Ltd., a division of Weir Group Plc, in Todmorden, U.K. on Thursday, March 3, 2016. Weir Group Plc manufactures industrial pumps to transport liquids to the mining and oil and gas industries, and Weir's strategy is to establish, then service, its installed base.
Photographer: Matthew Lloyd/BloombergBritain’s biggest business lobby cut its growth forecasts for the U.K. economy and said the referendum on European Union membership has put a “dark cloud of uncertainty” over the outlook.
The warning on Monday from the Confederation of British Industry follows an intense week of back and forth between both sides of the debate before the June 23 vote, with International Monetary Fund Managing Director Christine Lagarde and Bank of England Governor Mark Carney saying that leaving the EU could trigger a recession.