CBI warns of Brexit stagnating business

It said its composite measure – based on 608 respondents across the distribution, manufacturing and service sectors – showed that the balance of firms reporting growth stood at 0%, the weakest reading since April 2013.

The organisation said the stagnation in overall activity reflected falling services business volumes, unchanged distribution volumes and slower manufacturing growth.

Rain Newton-Smith, CBI chief economist, said: “Our latest growth indicator suggests that momentum in the private sector remains very subdued, having edged down a gear in Q4 2018. Growth is the weakest since 2013, with firms across services and distribution reporting a sluggish performance. Brexit deadlock, diverted investment and low business confidence are hitting firms hard.

“Every business will feel no deal is hurtling closer. Politicians must come together and act at speed to protect the UK’s economy.”