Economic news

BoE believes businesses require clarity as Brexit hampers investment

BOE’s Deputy Governor B. Broadbent stated that the process of Brexit is negatively affecting British investment, regardless everything’s in place for economy to go up.

Once when the bank lowered its growth outlook and Gov. M. Carney gave a heads up that the prospects are much connected to the way British officials steer out of the EU, Broadbent noticed that clarity on Brexit is crucial for businesses.

Less strong pound contributes to exporters’ revenues and lots of companies are in need of capacity expansion while foreign demand is strong. Broadbent mentioned that businesses require much more investment, however it has plateaued in the last year and a half.

He also said on radio today that there is an unclarity about the way Brexit is going to go, but talks are underway, and they take time. He added that it was anticipated and inevitable, though, certainly, it’s preferable that companies had a better idea of the process.

Bank of England, as it says, has got to give realistic picture of the economic situation, however its latest data is clearly going to incur criticism more than before from pro-Brexiters.

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