UK firms expect barely any growth the next 3 months, gloomiest outlook since February 2021

Via Reuters comes a report on the latest Confederation of British Industry surveys of manufacturers, retailers and other services industries (survey of 549 firms between April 26 and May 13).

• expectations element fell to +1%, indicating a 1 percentage point difference between the proportion of firms expecting growth rather than contraction

• A majority of consumer services companies expect sales to fall over the next three months

CBI economist Alpesh Paleja:

• “It’s worrying that expectations for private-sector activity have worsened, but unsurprising given that headwinds continue to intensify,”

• “Amid a worsening economic outlook, the government must work with business on a genuine plan for increasing business investment and get growth going again, particularly as costs continue to soar,”

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Slowing economy, strong inflation pressures. There is plenty of pressure on the BoE,

Earlier post on the situation in New Zealand, I wondered aloud if its a leading indicator for elsewhere: