BOE Finds Its Brexit Warnings Coming True in Company Plans
- Central bank says firms scaling back recruitment, investment
- One bright spot is manufacturing exports, helped by weak pound
Bank of England's QE Operation Falls Short
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The Bank of England is starting to see its Brexit predictions show up in the plans of U.K. companies, which are scaling back job creation and investment.
A survey of firms by its representatives across the country found that “the result of the European Union referendum would have a negative effect, overall, on capital spending, hiring and turnover over the coming year,” the BOE said in its agents’ summary of business conditions. “Employment and investment intentions had weakened in absolute terms.”