U.K. businesses have become more cautious about the outlook and may be less inclined to invest and hire since the vote to leave the European Union, according to the British Chambers of Commerce.
Citing "muted business investment intentions," the lobby group used its first quarterly survey since the Brexit vote to call on Chancellor of the Exchequer Philip Hammond to take steps to lift confidence, including approving new infrastructure projects.
The BCC said its survey shows that U.K. economic growth has slowed since the referendum. While manufacturers have enjoyed a lift from the weaker pound, the measure of domestic and export sales at services companies is at the lowest since 2012. The National Institute of Economic and Social Research estimated on Friday that GDP rose 0.4% in the three months through September, down from 0.7% in the period through June.
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