Surveys: British economy loses steam as business investment wilts - RTRS

In its Quarterly Economic Survey of 7,000 businesses - the largest of its kind, the British Chambers of Commerce (BCC) noted that the key measures of business investment and turnover confidence hit four-year lows in the third quarter, Reuters reported on Monday.

The BCC said its latest survey - which was conducted between Aug. 22 and Sept. 12 - is in line with its forecast that economic growth in 2017 will amount to just 1 percent, half its average rate since the 2008-09 recession.

Adam Marshall, the BCC's acting director general noted, "The slowdown in services is concerning because it obviously is the dominant sector in the UK economy. It's slowed down to levels we haven't seen in several years." 

"A lot of businesses have decided to step back and take stock before proceeding with investments over the coming months," the BCC's Marshall said.

"It's probably a logical response to uncertainty, but it makes it all the more important that the (finance minister's) autumn statement delivers positive steps to 'crowd in' business investment and build business confidence," he added.